Taronis Technologies, Inc. (OTCPK:TRNX) (BBHC, Inc) announced that the Company has elected to liquidate its 51% stake in the Water Pilot in order to clear its liabilities. The liquidation is not expected to provide any material financial proceeds to the Company in excess of the direct liabilities of that entity. The Water Pilot operates a water conservation technology that is primarily marketed in the southeastern United States, with a heavy customer concentration in Florida. The Water Pilot’s primary target client verticals operate in the fast food and restaurant market, hotels and hospitality, national retailers, and elder-care facilities. As a result of the COVID-19 pandemic and the prolonged downturn in the business activities within the Water Pilot’s target market, the subsidiary failed to achieve sufficient revenue generation to sustain its operations. As a result of this development, the Company elected to curtail its losses and divest of its stake for sufficient consideration to eliminate all remaining obligations related to the Water Pilot. “The liquidation of our stake in the Water Pilot is an unfortunate but necessary step in the curtailment of all operations under BBHC,” commented Scott Mahoney, Chief Executive Officer of BBHC. “The Company has no material financial resources, and management has determined that the best course of action is to immediately liquidate all assets.” “It is our goal to liquidate the remaining royalty payment rights, the Company’s stake in the Water Pilot, as well as its stake in Tarus Therapeutics, Inc. Based on our estimates, the proceeds of the disposition of these assets should enable the Company to clear its remaining liabilities and obligations. If these obligations are cleared in the near term, the Company will apply for voluntary de-listing and dissolve the business. The expectation is that this process should take three to six months,” concluded Mahoney.
Taronis Technologies Inc., formerly MagneGas Applied Technology Solutions, Inc., is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. a Florida corporation. It focuses on market segments, such as industrial gas sales, equipment sales for liquid waste processing and use of MagneGas2 for the co-combustion of hydro-carbon fuels to reduce emissions.
BBHC INC. 