Pioneering Technology Enters into Partnership Agreement with European Cooking Fire Prevention Leader Innohome OY
Espoo, Finland--(Newsfile Corp. - October 14, 2016) - Pioneering Technology Corporation (TSXV: PTE) (OTC: 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 a partnership with Innohome OY, the market leader in cooking fire prevention technologies and products in Europe.
Innohome, a technology company founded and managed by ex-Nokia engineers and executives, is the recognized European leader in cooking fire prevention. Their smart technologies have been recognized as the first to pass the new EU Standard and have received international recognition at distinguished events such as Las Vegas's Computer Electronics Show (Innovation Award Honoree) and the UK's International Fire and Security Exhibition and Conference (Innovation Award). Their multi-patented smart technologies are now installed in over 200,000 housing units across Europe.
The two companies entered into this partnership 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 technology and products as complementary to their own and the addition of each company's technology and products will be accretive to revenue, gross profit and net income of both companies.
Innohome OY CEO, Tomi Virtanen, said of the partnership, "I am thrilled about this new chapter in Innohome's development and our entrance into North America in cooperation with another world class company. Pioneering Technology shares the same values and mission as Innohome: to save human lives, prevent injuries and avoid household damage by delivering state of the art technology. With our combined portfolio and R&D capabilities, we can now collectively address all stove types throughout the world. With our collective fire prevention solutions, we now have a solid footprint in our desired market channels on both sides of the Atlantic."
Pioneering CEO Kevin Callahan said of the partnership, "Together we have solutions to address what is a substantial multi-billion-dollar problem in the US and is significantly larger around the world. In keeping with our strategic plan this new partnership enables us to take our product to markets outside of North America. Together we will grow the category, share best practices and deliver best in class solutions that will further change the cooking appliance industry globally."
According to the National Fire Protection Association, cooking equipment is the number one cause of household fire and fire injuries in the U.S. and around the world. In the U.S. alone cooking fires are responsible for nearly half (48%) of all fires, the number one cause of household fires, fire injuries and the second leading reason of fire deaths. These fires also result in significant loss of property, lost income, relocation, insurance and other indirect costs for property owners and taxpayers.
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. These multi-patented smart technologies are now installed in over 200,000 housing units across 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 150,000 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.
For more information, please contact:
Pioneering Technology Corp.
Kevin Callahan, President & CEO
Phone: 905-712-2061 ext.222
For investor relations please contact:
Contact Financial Corp.
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