Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ:TRNX),a sustainability technologies company, announced that the Company has received formal notice from the Turkish Ministry of Trade that a conditional ban has been made public, limiting the use of acetylene, propane and other industrial gases widely used as metal cutting fuels within the Republic of Turkey.
The Company's executive team met with The Director General of Imports, Mr. Ahmet Çetinkayiş during a recent series of cabinet level meetings in Ankara. During this meeting, the Director General delivered a ceremonial plaque declaring the government's intention to ban alternative prevailing metal cutting fuels, making MagneGas the exclusive metal cutting fuel across the Republic of Turkey.
The Director General further informed the Company that the formal ban will be enacted once the government is satisfied that Taronis' new Ankara based joint venture can meet the needs of the local market for metal cutting fuels. The government has confirmed that the local market is approximately $200 million in annual consumption. To meet this level of demand, the Turkish government also confirmed that approximately one hundred of Taronis' patented 300 KW Venturi plasma arc gasification units will be required.
The government has informed Taronis to be prepared to deliver all one hundred gasification units over a 24 month time frame. This would require a significant expansion of the existing $165 million purchase contract, which covers only thirty gasification units, and was recently approved and commenced in mid-December.