Highly profitable revenue after the acquisition
Taronis Technologies, Inc., announced that the Company has completed the acquisition of an industrial gas services business based in East Texas. The acquired company is one of the largest industrial gas infrastructure services businesses in the area, and the assets acquired through the purchase significantly increase the Company’s core asset base and infrastructure.
The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company’s technology can also be implemented for the decontamination of wastewater, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water.
Expansion of business
Scott Mahoney, Chief Executive Officer of Taronis stated, “This acquisition represents continued forward progress in our growth plans. Over the past 14 months, we have made seven acquisitions that grew our revenues approximately six-fold and dramatically increased our asset profile. But we also understand that with growth comes added expenses. Consequently, the strategic acquisition of this industrial gas services business will not only ensure our growing asset base is in good repair and available to support our growing customer base, but also has potential to eliminate approximately $50,000 in recurring monthly operating expenses.”
He continued, “This latest acquisition has the potential to have a significant impact on our profitability going forward for several reasons. Firstly, this business provides a very high-margin service to a wide range of industrial gas distributors in East Texas and Louisiana that we will now benefit from. Secondly, we can immediately begin eliminating recurring and redundant expenses within our existing East Texas and Louisiana operations. Lastly, we intend to leverage the acquired employee’s skills and expertise to replicate this service model within our Florida and California operations in the coming quarters, which will enhance our business operations.”