Pioneering Technology Corp. announces conversion of outstanding loan



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    MISSISSAUGA, Feb. 4 /CNW/ - PIONEERING TECHNOLOGY CORP. (the
"Corporation") (TSX VENTURE: PTE) is pleased to announce that it has
negotiated the repayment by way of conversion of its $300,000 loan financing
(the "Loan") from McAllister Holdings Ltd. (the "Lender") previously announced
on May 1, 2008. The purpose and business reason for the Loan was to assist the
Corporation with general working capital. The Loan was to be repaid no later
than October 31st, 2008 and interest was payable on the Loan at a rate of 10%
per annum, calculated monthly. The Corporation is pleased to advise that the
Lender has agreed to convert the principal amount of the Loan as follows:

    
    (a) $100,000 will be converted upon receipt of approval of TSX Venture
        Exchange Inc. ("TSX Venture") on the basis of $0.05 per share
        resulting in the issuance of 2,000,000 common shares in the capital
        of the Corporation (the "Common Shares");

    (b) $100,000 will be converted on March 31, 2009 into Common Shares on
        the basis of the previous 10-day volume weighted average price of the
        Common Shares on TSX Venture prior to March 31, 2009, but with a
        minimum conversion price of $0.05 per share and a maximum conversion
        price of $0.20 per share; and

    (c) $100,000 will be converted on June 30, 2009 into Common Shares on the
        basis of the previous 10-day volume weighted average price of the
        Common Shares on TSX Venture prior to June 30, 2009, but with a
        minimum conversion price of $0.05 per share and a maximum conversion
        price of $0.20 per share.
    

    As additional consideration for the conversion of the Loan, as well as
for agreeing to cancel the required interest payments effective October 31st,
2008, the Corporation has agreed to issue to the Lender 1,000,000 Series A
share purchase warrants, each exercisable to purchase one Common Share for a
period of one (1) year at a price of $0.10 per share, and 1,000,000 Series B
share purchase warrants, each exercisable to purchase one Common Share for a
period of one (1) year at a price of $0.15 per share (collectively the
"Warrants").
    The conversion terms of the Loan, as well as the issuance of the Warrants
to the Lender, are both subject to the approval of TSX Venture.

    
    Other News
    ----------
    
    The Corporation also announces changes in the management of the
Corporation. The Corporation is pleased to announce the following:
    Laird Comber is appointed Vice President of Sales for Pioneering
Technology. Laird has over ten years of sales leadership experience, the last
three of which were spent building Pioneering's Safe T element business
throughout North America. Prior to Pioneering Laird spent 7 years in sales
with Johnston Equipment, Canada's largest engineered systems and material
handing company. Laird has a Bachelor of Commerce Degree from McMaster
University.
    Earl Diment is appointed Chief Safety Officer for Pioneering Technology.
Earl spent 24 years with Portland Fire & Rescue, in Portland OR. Starting as a
line firefighter he spent the last 20 years as a fire prevention and life
safety specialist. Earl continues to maintain his numerous affiliations with
professional organizations and national projects focused on reducing loss due
to fire. Earl is currently Vice Chair of the Executive Board for the National
Fire Protection Association, (NFPA) in Boston, Massachusetts. Earl also
continues to teach, lecture, and author throughout the United States on the
subject of fire and life safety.
    Yibing Hu is appointed Director of Engineering & Manufacturing. Yibing
has been a Senior Electronics Engineer with Pioneering since 2003 making a
substantial contribution to Pioneering's many product development initiatives
and managing Pioneering's Chinese manufacturing partners. Prior to Pioneering
Yibing spent 14 years in the aviation industry as a Senior Electronics
Engineer with the Luoyang Opto-Electro Technology Development Center in
Luoyang, China. Yibing has an Electrical Engineering Degree from the Beijing
University of Aeronautics and Astronautics in Beijing, China.
    The Corporation also announces the resignation of G. Scott Paterson as a
Director and Stanley T. Kieller as Vice-President, Engineering and Chief
Operating Officer of the Corporation. The Corporation would like to thank them
both for their services and commitment to Pioneering over the years.

    
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.
    

    %SEDAR: 00015147E




For further information:

For further information: Kevin R. Callahan, the President and CEO of
Corporation, at (905) 712-2061

Organization Profile

PIONEERING TECHNOLOGY CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890