MISSISSAUGA, ONTARIO--(Marketwire - July 17, 2008) - Pioneering Technology Inc. of Mississauga, Ontario (TSX VENTURE:PIO), ("Pioneering") announced today that the Florida Housing Finance Corporation (FHFC) has awarded affordable housing tax credits to assist in funding the construction of a new affordable housing seniors apartment complex in Bartow, FL. Pioneering Technology received a purchase order for $ 58 K to supply 100 brand new ranges complete with the Safe-T-element(R) technology. This project is due to be completed in Q2 2009.
This is the second bid that Pioneering has been awarded in as many weeks under the U.S. Government's Affordable Housing Tax Credit Program. Herbert Hernandez, Executive Director of the Lakeland Housing Authority (LHA - the Housing Authority responsible for this project) said, "We are very proud of the partnership that we have forged with Federal, State, County and local governments as we strive to serve the people of Florida by offering safe, affordable housing that might otherwise not be available to them. Central to this program is technology that saves energy and provides a higher level of safety. Seniors are especially vulnerable to the dangers of stovetop cooking and we look forward to enabling our residents to cook safely by including the Safe-T-element technology."
Pioneering CEO Kevin Callahan said, "Florida represents a significant opportunity given the fact that this State is home to the greatest number of seniors and retired people. And this project is further proof that more and more developers and housing authorities are specifying new stoves with the Safe-T-element technology pre-installed into their project designs and their efforts are being recognized by state funding agencies."
Callahan, went on to say, "Now that our technology is also available pre-installed on new stoves we are seeing an entirely new revenue stream emerge as housing authorities, universities and seniors facilities right across the U.S. are starting to write the technology directly into their purchasing guidelines or specifications."
About National Council of State Housing Agencies (NCSHA) and Florida Housing Finance Corporation (FHFC)
The nation's state Housing Finance Agencies (HFAs) created the National Council of State Housing Agencies (NCSHA) as a nonprofit organization more than 30 years ago to coordinate and leverage their federal advocacy efforts for affordable housing. NCSHA represents its members in Washington before Congress, the Administration, and several federal agencies concerned with housing, including HUD and the Treasury, and with other advocates for affordable housing. This program is administered in Florida by FHFC. Go to www.ncsha.org for more information.
About Pioneering Technology Inc. & the Safe-T-element(R) (STE) cooking system
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 was 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 Safe-T-element(R) cooking system is available as both a retrofit and pre-installed on new stoves. For more information visit: www.pioneeringtech.com or www.safetelement.com.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pioneering Technology Inc.
Kevin R. Callahan
President and CEO
(905) 712-2061 ext. 222