/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
Pioneering Exceeds its 2010 Business Objectives
MISSISSAUGA, ON, Dec. 17 /CNW/ - Pioneering Technology Corp. of Mississauga, Ontario (TSX-V: PTE), ("Pioneering" or "the Corporation"), an energy smart product innovation and consumer goods company closed its 2010 fiscal year on September 30th, 2010.
The Corporation's 2010 audited financial statements are to be reported on January 29, 2011. In the interim, having completed its preliminary audit the Corporation offers the following highlights from Fiscal Year 2010:
Financial Highlights:
The Corporation is now pleased to announce that it successfully achieved
its three major financial milestones for 2010:
Business Highlights:
The Problem: Cooking fires and false alarms are caused by two primary sources - stovetops and microwave ovens. The National Fire Protection Association recently reported that there are 150,200 reported cooking related fires each year resulting in 500 deaths, 4,660 injuries and $756 million in direct property damage. In addition, the Consumer Product Safety Commission adds that there are a further 4.7 million unreported cooking fires resulting in an additional 102,000 injuries which the Home Safety Council states results in billions of dollars in additional indirect costs.
Market Potential: Everyone has experienced a stove fire (or knows someone who has) but these products are most relevant to populations that are most vulnerable. These are very large housing market segments (i.e. in the US alone there are approximately 1.4 million military housing units, 18 million college students, approximately 40 million seniors over the age of 65 and growing, over 4 million government subsidized affordable housing units and approximately 35 million rental properties). In the US over 60% of the population cooks with electricity and household penetration for stoves and microwaves is near 100%.
Market Solution: With both the Safe-T-element and the Safe-T-sensor, Pioneering offers a combination of products to multi-residential housing providers that help prevent these cooking fires and false alarms protecting citizens, properties and saving tax payer dollars.
Pioneering CEO Kevin Callahan said of these preliminary results: "We are very pleased with what we have been able to achieve in 2010. Our significant growth since fiscal 2008 is a tribute to a lot of hard work by our immediate and extended team, but more importantly reflects the growing recognition these products are receiving from fire safety, housing and legislative champions throughout North America because of the significant impact they have on saving lives, energy and money."
About Pioneering Technology Corporation:
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® 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®, Safe-T-Sensor™,
Powergrill™, Battery Eliminator®, Powerpak™ and the Hydro-free Furnace
Fan™. For more information visit: www.pioneeringtech.com.
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in the Company's target markets, the demand for the Company's products, the availability of funding, the efficacy of the Company's technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Corporation's expectations and projections.
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 Callahan, President & CEO at (905) 712-2061 ext. 222
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