Taronis Technologies, (NASDAQ:TRNX) changed -0.93% to recent value of $1.06. The stock transacted 810654 shares during most recent day however it has an average volume of 2.25M shares. It spotted trading -96.40% off 52-week high price. On the other end, the stock has been noted 64.34% away from the low price over the last 52-weeks.
On Jan. 6, 2020, Taronis Technologies, (NASDAQ:TRNX) a sustainability technologies company, reported that the Company’s former subsidiary, Taronis Fuels, has executed a binding agreement with MC Consulting Teknoloji Enerji Danismanlik Sanayi ve Ticaret Limited Şirketi (MC Consulting), an energy technology marketing firm based in Ankara, Turkey.
The agreement calls for the immediate sale of one 300KW Venturi plasma arc gasification unit for $5 million to MC Consulting from Taronis Fuels. Taronis has an existing inventory of gasification units, and it will facilitate the immediate sale of an existing unit to be refurbished to a like new condition. The unit has a target delivery date in Ankara of February 29, 2020.
MC Consulting and Taronis Fuels also entered into a multi-year regional marketing agreement. Taronis Fuels has granted MC Consulting an exclusive territory for the marketing and sale of Venturi gasification units for the production of MagneGas, a renewable metal cutting fuel that replaces acetylene, propane and other traditional industrial gases. The initial marketing territory includes Afghanistan, Albania, Armenia, Azerbaijan, Egypt, Georgia, Iraq, Kazakhstan, Moldavia, Pakistan, Turkmenistan, Ukraine and Uzbekistan.
MC Consulting shall initially market fifty 300KW Venturi plasma arc gasification units at a sales price of $5 million, as well as industry standard royalty payments to be paid periodically, in perpetuity, based on MagneGas production within the territory of each buyer. MC Consulting shall earn an industry standard commission as a marketing consultant on applicable unit sales.
The immediate sale of one gasification unit to MC Consulting will serve as a fully functional technical sales demonstration unit to be based in Ankara. Multiple countries within the marketing territory have already expressed a high level of interest in replicating the joint venture model constructed between MC Consulting and Taronis Fuels. This joint venture has been highly successful in gaining the support of the Turkish government across multiple government ministries, including the conditional ban of acetylene to accelerate the countrywide adoption of MagneGas as the sole metal cutting fuel in Turkey within 24 months.
TRNX has a gross margin of 47.60%.
The company has 29.15M of outstanding shares and 23.75M shares were floated in the market. According to the most recent quarter its current ratio was 1.2 that represents company’s ability to meet its current financial obligations. The price moved ahead of 9.56% from the mean of 20 days, -25.31% from mean of 50 days SMA and performed -47.37% from mean of 200 days price. Company’s performance for the week was 0.95%, 0.95% for month and YTD performance remained 16.84%.