Mississauga, ON - April 9, 2012 - Pioneering Technology Corp. ("Pioneering" or the "Corporation") (TSX Venture: PTE), an energy smart product innovation and consumer goods company, recently reported its financial results for the three months ended December 31, 2011. The Company's unaudited financial statements for the three months ended December 31, 2011, together with its Management's Discussion and Analysis of these results, are available for review under the Company's profile at www.sedar.com.
Q1 Financial Results
Revenue for the quarter was $431,920 as compared to $609,495 in the same quarter in fiscal 2011. After the Corporation delivered its best quarter to date in Q4 2011, sales of the Safe-T-element (STE) while down in Q1 were offset by the increase in Safe-T-sensor (STS) sales, specifically in the University channel. As at December 31, 2011, the Company's cash position was $334,934. This is an increase from $191,436 at September 30, 2011. Working capital at the end of December 2011 was $411,667 and 1.64 as a ratio of current assets to current liabilities.
Q1 Business Highlights
-Canadian Association of Fire Chiefs pass resolution in support of "high end heat limiting technology" - the STE is the only product that delivers high end heat limiting technology.
-85% of the largest public housing providers in Ontario have now mandated the STE technology.
-STE recommended by US military for all government owned/operated military family housing.
-Fire Protection Research Foundation funded by the Department of Homeland Security publishes report on effectiveness of the STE technology.
-STE recognized as "energy savings technology" by Johnson Controls, National Council of State Housing Association's Affordable Housing Tax Credit program; and the Ontario Power Authority.
-Pioneering issued US Patent for Safe-T-sensor Technology.
Mr. Johnson has recently been appointed part time CFO of the Corporation. Mr. Johnson is a KPMG internationally trained CA who has worked in organizations renowned for their 'best practices' approach to business solutions. Mr. Johnson's principal occupation during the past 5 years has been as Director of Management Consulting at The Society of Management Accountants of Ontario, as CFO of a junior exploration company on the TSX-V and acting as Head of Finance for a large private group of mineral exploration and investment companies. He is a Certified Management Accountant and a Chartered Accountant from Australia as well as having a Bachelor of Commerce Degree from the University of Queensland.
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.
For further information contact: Kevin Callahan, President & CEO at (905) 712-2061 ext. 222.
Forward Looking Statements
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 Corporation's target markets, the demand for the Corporation's products, the availability of funding, the efficacy of the Corporation's technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, the Corporation 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.
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