Over the past several trading sessions, Taronis Technologies Inc (NASDAQ: TRNX) has been making a strong run for the top. That run in value is continuing today as the news flow continues.
This morning, TRNX followed yesterday’s spin off news that sent the stock on a run up of more than 30% with commercialization news that is leading to even stronger gains. In fact, the stock is up more than 35% in the premarket this morning. Here’s what’s happening:
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TRNX Stock Rallies On Commercialization News
The news flow from Taronis has been incredible over the past several trading sessions, and the company continued the flow this morning with a press release surrounding commercialization.
In the release, the company said that it has successfully completed a commercial pilot for its water decontamination technology for the remediation of cyanobacteria. This pilot project involved the treatment of a cyanobacteria blue green algae bloom at Hibiscus Lake in Clearwater, Florida.
In the release, TRNX said that the contract was vetted and approved by the City of Clearwater, and that the work under this contract was completed last week. Moving forward, the company intends on conducting further testing and monitoring for several weeks.
Nonetheless, initial findings suggest that following treatment, cyanobacteria levels were dramatically reduced. The company also said that the algae bloom was successfully remediated.
In a statement, Scott Mahoney, CEO at TRNX, had the following to offer:
This was a positive milestone for our emerging water technology applications. We gathered a great deal of critical data related to the efficacy of our solution, as well as the economic viability of a commercially scalable version of our current mobile water decontamination plasma arc demonstration unit.
With this successful pilot, we plan to now shift our focus to seek out a potential commercial partner with whom we would look to introduce this solution at a larger scale. We have identified several promising potential partners with a strong strategic fit with our vision for a combined solution. Our goal is to identify a joint venture or licensing arrangement as soon as practically possible for our cyanobacteria solution.
Recent News Surround Taronis Technologies Has Been Incredible
For those of you who haven’t been following TRNX as of late, the news flow from the company has been incredible. In fact, since July 8, 2019, five positive updates have been provided by the company not inclusive of today’s news, including:
- On July 8, 2019, the company announced that it had generated record MagneGas production. Moreover, the company said that production records were broken with a single plasma arc venturi gasification system. However, production is likely to climb as a new system was brought on line in recent weeks and the company expects to bring another online next month.
- On July 10, 2019, TRNX announced that it had published two new videos. One was designed to assist in the commercialization of its MagneGas product, the other was designed as a demonstration of the company’s technology.
- On July 11, 2019, the company said that it had achieved record sales. The company also set the stage for strong sales growth ahead.
- On July 12, 2019, the company announced that the Nasdaq Capital Market has granted its request for an extension to regain compliance with the $1 minimum bid price rule.
- Finally, on July 15, 2019, TRNX said that it would spin off Taronis Fuels, it’s wholly owned subsidiary that operates its Magnegas Welding Supply retail arm. As a result of the spin off, all investors who own shares of TRNX will be given shares of the newly formed Taronis Fuels entity that will directly reflect the amount of shares of Taronis.
With all of the news that has recently been released, it’s not surprising that Taronis Technologies shares have risen from $0.21 per share to $0.35 per share since July 8, 2019. All in all, the company is making several steps in the right direction and these moves are leading to a strong run in value for investors. If you’re not watching TRNX yet, now is the time to start paying attention!
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