Mississauga, Ontario--(Newsfile Corp. - January 29, 2015) - Pioneering Technology Corp. (TSXV: PTE), ("Pioneering" or the "Company"), an "Energy Smart" product innovation/consumer goods company and North America's leader in cooking fire prevention technologies, reports its financial results for the twelve months ended September 30, 2014. The Company's audited financial statements and Management's Discussion and Analysis are available for review at www.sedar.com.
The Company met all of its ingoing strategic objectives and milestones for 2014. Some financial and business development highlights include:
- Revenue more than doubled to $2.9M up 111% versus 2013.
- Gross margin was $1.8M up 120% versus 2013 and gross profit was 60%.
- Adjusted EBITDA was ($364,535) versus ($1,201,664) in 2013, an improvement of $837,129.
Business Development Highlights:
- Safe-T-element demand in B2B channel continues to grow – revenue up over 100% versus 2013.
- U.S. government funded study identifies Safe-T-element and its patented temperature limiting control (TLC) technology as the ONLY technology tested that prevents cooking fires (Dec. 2014)
- N.A. appliance industry (AHAM) acknowledges that technology now exists to address the cooking fire problem and will work towards changes to industry standards (Oct 2014).
- Completed development of 2 new consumer products in 2014 – Smart Burner and RangeMinder.
- Received new patents for SmartBurner and Safe-T-sensor. New patent pending for RangeMinder – all new patents focused on protecting future enhancements/at source development with OEMs.
- Regulatory approval secured (ETL/Intertek) for sale of both new products at consumer retail.
- SmartBurner & RangeMinder launched in Q1 2015 and now generating incremental revenue.
- The Company now has a proprietary solution for the number one cause of household fire in North America (44% of all fires) for most of the over 140 million stoves & microwaves in N.A.
- Company secures first consumer retail listing for new SmartBurner with Home Hardware.
Pioneering has worked hard to create disruptive technologies that have resulted in the creation of this new cooking fire prevention category. As of 2015, the Company has proprietary products to address most of the over 140M ranges and microwave ovens in North America (for institutions, private industry and consumers) representing an addressable multi-billion dollar business opportunity. Current announcements/activities by the U.S. fire service and the appliance industry to work towards new standards/code changes for electric coiled cooktops means that the N.A. landscape for dealing with the number one cause of household fire in NA is about to change significantly.
Pioneering President Kevin Callahan said, "We have worked hard to create this new category, and with the launch of our two new proprietary consumer products we now have a solution for virtually everyone. Given recent industry developments and the size of the business opportunity, competition is inevitable. However our first mover advantage coupled with patented and proven technologies, some exciting new consumer products and current relationships we are very well positioned for this change in landscape."
About Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an "Energy Smart" product innovation/consumer goods company and North America's leader in cooking fire prevention technology. Pioneering engineers and brings to market energy smart solutions for consumer products making them safer, smarter and/or more efficient. Pioneering's patented cooking fire prevention technologies/products are engineered to help prevent cooking fires, the number one cause of household fire (a multi-billion dollar problem) in North America and around the world. Pioneering cooking fire prevention trademarks include Safe-T-element, SmartBurner, RangeMinder and Safe-T-Sensor. For more information visit: www.pioneeringtech.com.
For more information please contact:
Kevin Callahan, President & CEO of Pioneering Technology, 905-712-2061 ext.222
Jonathan Buick, The Buick Group, Corporate Relations, (416) 915-0915 firstname.lastname@example.org
Josh Stanbury, SJS Public Relations, (416) 628-7441 email@example.com
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.
Adjusted EBITDA is a measure not recognized under Canadian generally accepted accounting principles ("GAAP"). However, management of Pioneering believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization; stock based compensation, restructuring costs, impairment charges, and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standard meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with GAAP and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Corporation's Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of the Corporation posted on SEDAR (www.sedar.com).
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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