MISSISSAUGA, ONTARIO--(Marketwired - June 8, 2017) - Pioneering Technology Corporation (TSX VENTURE:PTE)(OTC PINK:PTEFF), ("Pioneering" or the "Company"), a technology company and North America's leader in cooking fire prevention technologies and products is very pleased to announce today the signing of its definitive partnership agreement with Innohome OY ("Innohome"), of Espoo Finland, the market leader in cooking fire prevention technologies in Europe.
Pioneering will soon introduce a new Pioneering branded product to the North American marketplace that will include Innohome's award winning Stove Guard heat sensor technology. This new product is a great strategic fit for Pioneering complementing its current family of cooking fire prevention solutions. This new product will be available in the aftermarket for electric smooth top ranges through Pioneering's existing distribution network and eventually at retail.
Innohome's intelligent heat sensor technology is engineered to: 1) alert the user to imminent danger via a low frequency alarm, and; 2) if the stovetop remains unattended the technology will shut the stove off to help prevent auto-ignition from occurring. This advanced heat sensor technology includes two different types of heat sensing capabilities that together measure excessive temperatures and rate of temperature change. These sensors also have a learning function that over time adapt to user behaviour and environment.
The two companies finalized this agreement with the objective of generating incremental revenue and profit by enabling sales of each company's products in the other's markets while reducing duplication of effort in R&D, sales/marketing, manufacturing and logistics. Both companies view each other's technologies and products as complementary to their own and they will be accretive to revenue, gross profit and net income for both companies.
About Innohome OY: Innohome based in Espoo, Finland is a technology company and the leading cooking fire prevention company in Europe. Innohome's innovative Stove Guard products were the first to pass the new EU Standard for cooking fire prevention. They are also the only stovetop safety devices to have passed the strict SINTEF tests for cooking fire prevention. Innohome's technologies and products have received several international awards, including a 2016 CES Innovation Award Honoree, the Finnish Security Awards 2015 winner, the IFSEC 2014 Active Fire Product Innovation Award and the EFE Awards 2014 Innovation of the Year. Their multi-patented smart technologies are now installed in over 200,000 housing units in Europe. For more information, visit www.innohome.com.
About Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an "energy smart" technology company and North America's leader in innovative cooking fire prevention technologies. Pioneering engineers and brings to market energy-smart solutions for everyday consumer appliances making them safer, smarter, and more efficient. The company's patented technologies/products address a multi-billion-dollar problem - cooking fires. According to the National Fire Protection Association, stovetop cooking is the number one cause of household fire and fire injuries in North America (48% of all household fires - up from 20% in 1980). Pioneering's temperature limiting control (TLC) technology is now installed in over 200,000 multi-residential housing units across North America without a single cooking fire being reported and delivering a return on investment for its customers. Pioneering has proprietary cooking fire prevention solutions, including its trademarked Safe-T-element, SmartBurner, RangeMinder & Safe-T-sensor, for the majority of the more than 140 million stoves/ranges and over 140 million microwave ovens throughout North America. For more info, go to www.pioneeringtech.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.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
For more information, please contact:
Pioneering Technology Corp.
Kevin Callahan, President & CEO
Tomi Virtanen, CEO
+358 40 707 1937
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Contact Financial Corp.