Taronis Fuels Urges Shareholders to Take no Action on the Wetherald/Welo Consent Solicitation Materials
Sets Record Date of March 4, 2021 for Proposed Consent Solicitation
PEORIA, Ariz., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc. (OTCQB:TRNF), a global producer of renewable and socially responsible fuel products, today responded to the preliminary
consent solicitation materials filed by Thomas Wetherald and Tobias Welo (“Wetherald/Welo”) with the following statement:
“Taronis Fuels is committed to acting in the best interest of shareholders to maximize long-term value creation. The Company regularly engages with shareholders on a range of topics and values their constructive input. Over the past year, Taronis Fuels has significantly increased its asset base, grown its revenue and de-levered its balance sheet while continuing to invest in the business and make process improvements to the production of MagneGas.”
“Taronis Fuels’ Board and management team have a strong track record for taking actions that position the Company for long-term value creation and driving strong shareholder returns. In addition to substantial revenue growth and major technological achievements, Taronis Fuels continues to generate strong momentum around the growth potential of its proprietary clean gas technology. Despite substantial progress on various fronts under the leadership of this management team and Board of Directors, Wetherald/Welo is seeking to replace the entire Board of Directors through a consent solicitation with the intent to gain control of the company – without paying a premium.”
“Taronis Fuels remains steadfast in its belief that any corporate action taken must be for the benefit of all shareholders and must be rooted in a strong understanding of the industrial gas and welding supply industry, the Company’s unique technology and business model, and important milestones ahead.”
“Taronis Fuels urges all of shareholders to refrain from taking any action (including not returning any consent card sent by Wetherald/Welo) at this time. The Board of Directors, in consultation with its advisors, is reviewing Wetherald/Welo’s solicitation materials and will advise stockholders of its recommendation in due course.”
The Company has set a record date for the proposed consent solicitation of March 4, 2021.
Important Additional Information and Where to Find It
In connection with the consent solicitation initiated by Wetherald/Welo, the Company intends to file a consent revocation statement and accompanying consent revocation card and other relevant documents with the Securities and Exchange Commission (the “SEC”). STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S CONSENT REVOCATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING CONSENT REVOCATION CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the consent revocation statement, any amendments or supplements to the consent revocation statement and other documents that the Company files with the SEC at the SEC’s website at www.sec.gov or the Company’s website at http://www.taronisfuels.com/investors/overview/ as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.