Taronis Technologies, formerly known as MagneGas, has ousted former CEO Ermanno Santilli, the company said in a federal filing this week. Santilli served as CEO of the company from 2012 until last November, when he took over as chief technology officer.
"On June 19, 2019, Taronis Technologies Inc. terminated the employment of Ermanno Santilli and requested his voluntary resignation as a member of the company's board of directors," Taronis said in a filing with the Securities and Exchange Commission on Wednesday. "If Mr. Santilli does not voluntarily resign from the board, the board will recommend to the company's shareholders that he be removed by shareholder vote."
Reached by phone, CEO Scott Mahoney declined to comment or give a reason for Santilli's termination. Santilli did not return requests for comment Thursday.
His biography page on the company's site had been removed as of Thursday. A cached version of the page said Santilli founded the company's European arm, MagneGas Europe.
The company, which specializes in alternative fuel, reported $2.2 million in revenue for the first quarter of the year, up from about $414,000 the same quarter of 2019. In its quarterly filing, Taronis said it had a debt of $85.8 million with just $356,512 in cash.
"These conditions indicate that there is substantial doubt about the company's ability to continue as a going concern within one year from the issuance date of the financial statements," the company said.
Taronis, Mahoney said, is in the process of relocating its headquarters to Phoenix, though it will maintain its Pinellas Park facility as its research hub. Taronis stock was trading at just under 30 cents per share at close Thursday.
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