Mississauga, Ontario--(Newsfile Corp. - February 25, 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 three months ended December 31st, 2014. The Company's audited financial statements and Management's Discussion and Analysis are available for review at www.sedar.com.
Pioneering reported its best revenue results to date in Q1 2015. Some highlights for the three months ended December 31st include:
Financial Highlights:
- The Company reported record quarterly revenue of approximately $1.2M.
- The Company was profitable with Net Income of $81,460.
- Adjusted EBITDA for the period was $177,235
- Gross Margin was 58%
Business Highlights:
- The Company introduced its two new consumer products to market.
- 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 AND microwave ovens in
North America. - Revenue was driven by sales from all four of the Company's cooking fire prevention products
(Safe-T-element, SmartBurner, Safe-T-sensor & RangeMinder). - The Company's new SmartBurner began selling online and at Home Hardware stores across
Canada during the period. - The new SmartBurner is receiving significant interest in new and existing B2B channels.
- The Company has begun penetrating new large channels that it hopes to announce shortly.
- U.S. government funded study identified Safe-T-element's temperature limiting control (TLC)
technology as the ONLY technology tested that prevented cooking fires on electric stovetops
(similar sensor technology available in SmartBurner). - The Appliance industry acknowledged for the first time that technology now exists to address the
cooking fire problem (specifically on electric coil stovetops) and have indicated that they will
work towards changes in industry standards for new ranges.
Pioneering CEO Kevin Callahan said, "We are very pleased with our results in Q1, but know this is just the beginning. Demand for our original products continues to grow. The launch of our new SmartBurner product has been a huge success so far, and as we begin creating awareness for the new RangeMinder solution for gas and electric smoothtop stoves we are expecting similar success."
Callahan went onto say, "We have worked hard to create disruptive technologies and products for this new cooking fire prevention category which we have created. We now have proprietary products to address most of the over 140M ranges AND microwave ovens in North America, representing an addressable multi-billion dollar business opportunity. Recent announcements and activities by the U.S. fire service and the appliance industry to work towards new standards and code changes means that the North American landscape for dealing with the number one cause of household fire is about to change."##
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 info visit: www.pioneeringtech.com.
For more information please contact:
Kevin Callahan, President & CEO of Pioneering Technology, 905-712-2061 ext.222
kcallahan@pioneeringtech.com.
Jonathan Buick, The Buick Group, Corporate Relations, (416) 915-0915 jbuick@buickgroup.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.
Non-GAAP Measures
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.
(Not for dissemination in the United States of America)
