/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
MISSISSAUGA, ON, March 2 /CNW/ - Pioneering Technology Corp., TSX-V:PTE ("Pioneering" or the "Company"), an energy smart product innovation and consumer goods manufacturing company announced its 2010 first quarter results for the period ending December 31, 2009. During the period the Company reported its second consecutive quarter of operating profit and its seventh consecutive quarter of revenue growth. Detailed results are available on SEDAR (www.sedar.com).
In the first quarter of 2010 the Company continued to build on its successes of 2009. In 2009 (year ending September 30, 2009) the Company delivered on its corporate objectives of developing and growing its Safe-T-element(R) ("STE") business, increased revenues by 400% compared to 2008; improved the Company's Balance Sheet while controlling expenditures; reached profitability, finishing the year with an operating profit in the fourth quarter; and introduced a new product, the Safe-T-sensorTM ("STS") for microwave ovens.
In 2010, the Company is well positioned to achieve its objectives of continued profitability and sustainable long term growth. Revenue during the first quarter increased 260% as compared to the same period in 2009. During the period the Company reported positive operating income representing 16% of total revenue.
The reputation of the STE technology and its ongoing success in preventing the number one cause of household fire continues to grow in its targeted channels (seniors, low income, university and military housing). The product continues to attract new customers, generate additional sales from existing customers and is being mandated for incorporation in new stoves purchased annually by large multi-residential housing providers. Q2 sales volumes to date are ahead of Q1 and the Company has a strong and growing order book for the balance of 2010.
A soft launch of the new STS product in the fall of 2009 was very well received and the first production run sold out. The product was only made available to the Company's existing customer and distributor base and orders were limited to small batches. The product is in high demand and will be introduced later this spring based on advance large volume orders. The Company intends to take the product to retail channels as well as existing STE multi-residential channels. Management anticipates that the STS will deliver significant contribution to the Company's bottom line in the second half of 2010 and beyond.
Company CEO Kevin Callahan said, "The Company is on track to becoming a profitable and sustainable business. The growing reputation of the STE and its ongoing successes will soon be joined by other products relevant to the same constituencies."
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
SOURCE PIONEERING TECHNOLOGY CORP.
For further information: For further information: Kevin R. Callahan, the President and CEO of Corporation, at (905) 712-2061 x222