MISSISSAUGA, ON, Sept. 9 /CNW/ - Pioneering Technology Corp., (TSX-V:PTE) ("Pioneering" or the "Company"), an energy smart product innovation and consumer goods company, is pleased to announce that, subject to TSXV approval, Peter Knee has been appointed as Chief Operating Officer and Chief Financial Officer of the Company, effective immediately.
Mr. Knee is a chartered accountant with many years of experience in financial services, technology and public accounting sectors. He most recently served as CFO for Citicapital, a large equipment finance company wholly owned by Citigroup until its recent sale to GE Capital. While at Citicapital, Mr. Knee also held the position of Chief Administrative Officer, responsible for integrating and restructuring several acquired equipment leasing companies. He also served as Vice President, Sales of the vendor equipment financing division responsible for leading a national sales force.
Pioneering CEO Kevin Callahan said, "Peter brings a significant breadth of experience to Pioneering, having held senior level leadership roles in finance, operations and sales. We are very pleased to have someone of Peter's calibre join the Company at this very important stage in its development. The Company, now profitable and growing for nine consecutive quarters, is well positioned to move to the next stage of our growth. We expect that Peter will play an important role in helping us do that."
Peter Knee said, "I am pleased to be joining Pioneering Technology at this crucial time. I've been fortunate to have served in diverse roles throughout my career and I believe my broad based skill set is a good fit for Pioneering and the growth trajectory they are now on."
In connection with Mr Knee's appointment, he has been granted options to acquire 400,000 common shares of the Company at a price of $0.28 per share. The options have a five year term and are subject to vesting, with 100,000 options vesting on each of December 9, 2010, July 9, 2011, January 9, 2012 and July 9, 2012.
About Pioneering Technology Corp: ---------------------------------
Pioneering is an "Energy Smart" product innovation company based in Mississauga, Ontario, that engineers and brings to market energy smart solutions for consumer products making them safer, smarter and/or more efficient. The patented Safe-T-element(R) cooking system is engineered to help prevent stove top cooking fires, the number one cause of fire in North America, and to reduce the amount of electricity required to cook. The patent pending Safe-T-sensor is designed to detect burning conditions in microwave ovens shutting it off before it causes a fire or triggers a fire alarm. Pioneering trademarks include Safe-T-element(R), Safe-T-Sensor(TM), Powergrill(TM), Battery Eliminator(R), Powerpak(TM) and the Hydro-free Furnace Fan(TM). For more information visit www.pioneeringtech.com.
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings available on www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information: For further information: Kevin Callahan, President & CEO of the Company at (905) 712-2061 x222