Taronis Announces Settlement Agreement With Shareholder Group
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Apr 08 2021 at 11:05 PM GMT
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- Resolves Consent Solicitation, Delaware Litigation and Other Matters Five New Shareholder Designees Appointed to Board Peoria, AZ, April 08, 2021 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc.
- ("Taronis" or "the Company") (OTCQB:TRNF), a global producer of renewable and socially responsible fuel products, today announced it has reached a settlement agreement with Thomas Wetherald and Tobias Welo (together, "the Concerned Shareholders"), who together own approximately 11.1% of outstanding shares of Taronis, to end the consent solicitation initiated by the Concerned Shareholders and resolve other matters involving the parties.
- Under the agreement, Taronis immediately will expand the size of the Board to six directors, including the Concerned Shareholders' five designees and one incumbent director, Peter Molloy.
- "We are pleased to have reached an agreement that we believe is in the best interests of all Taronis shareholders and sets us on a path forward," said Peter Molloy, incumbent member of the Taronis Board of Directors.
- "We look forward to serving on the Board and sharing our perspectives and insights," said Thomas Wetherald.
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- Published Apr 8, 2021 11:05 PM GMT