Taronis Fuels, Inc. Enter into an Amended and Restated License Agreement with Taronis Technologies, Inc
April 17, 2020 at 05:30 pm EDT
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On April 17, 2020, Taronis Fuels, Inc. ("Company") entered into an Amended and Restated License Agreement ("License Agreement") with Taronis Technologies, Inc. ("Taronis Technologies"). The License Agreement amends and restates in its entirety, with retroactive effect, that certain Distribution and License Agreement entered into with Taronis Technologies on July 16, 2019. The License Agreement expands Taronis Technologies' intellectual property protections throughout the world, including locations where the Company intends to operate, but for which Taronis Technologies may not have intellectual property protection. The fundamental terms of the License Agreement remain and include: (a) the Company's exclusive worldwide rights to manufacture and distribute the proprietary metal cutting fuel MagneGas as well as any other gases created using the equipment and methods claimed by Taronis Technologies' patents, (b) certain other rights related to the Company's use of Taronis Technologies' trademarks, patents, software and other intellectual property and (c) the Company's ability to commercially manufacture and sell the Venturi Flow Submerged Plasma Arc Gasification Units for the creation of gases. The Company will pay to Taronis Technologies, on a monthly basis, a 7% royalty on any net cash proceeds received by the Company in relation to the use of any intellectual property comprising the Licensing Agreement. The License Agreement does not convey use of Taronis Technologies' intellectual property portfolio for any use related to water sterilization/decontamination technology applications.
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.