Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

June 30, 2008 07:30 ET

North Carolina Housing Finance Agency Awards Funds to Developer Proposing Purchase of Safe-T-element®

Chowan Court I, LLC received an award of federal low income housing tax credits from North Carolina Housing Finance Agency for its proposal to include Safe-T-element® in the rehabilitation Waterford Place Apartments in Edenton, NC.

MISSISSAUGA, ONTARIO--(Marketwire - June 30, 2008) - Pioneering Technology Inc. of Mississauga, Ontario (TSX VENTURE:PIO), ("Pioneering") announced today that the North Carolina Housing Finance Agency (NCHFA) has awarded affordable housing tax credits to assist in funding the rehabilitation of an affordable housing apartment complex in Edenton, NC. Some of this funding was used to supply brand new ranges with Safe-T-element® pre-installed as a means to providing a higher level of safety for residents and to save energy.

The Affordable Housing Tax Credit Program is a federal program developed by the National Council of State Housing Agencies (NCSHA) to provide an incentive for private investment in affordable rental housing production and preservation. In North Carolina, the program is administered by the North Carolina Housing Finance Agency (NCHFA), the state's housing finance agency. Once a year, developers are invited to submit applications for affordable housing project proposals that are reviewed and ranked by the NCHFA. Projects are scored based on a variety of criteria, including special amenities or features, such as enhanced energy efficiency and building sustainability.

Rik Maxey, Construction Manager with GDJ Developer, LLC, (the developer that is leading this rehabilitation project) said, "We are constantly trying to recommend technologies that enhance the value of our proposals. Safe-T-element® is ideal for us because the technology not only helps prevent fires from happening but it also saves energy. In addition, Waterford Place Apartments are now working with their insurance carrier to secure insurance premium reductions."

Pioneering CEO Kevin Callahan said, "As awareness continues to grow for this product as both a fire prevention and energy saving technology, building contractors like GDJ Developer LLC are now specifying the technology into new construction projects as a means to bringing added value to their customers. Even more importantly federal funding agencies like the NCSHA agree and are stepping up and funding these projects as part of their affordable housing program initiatives. This is a precedent that can now be taken to other housing authorities across the country."

About National Council of State Housing Agencies (NCSHA) and North Carolina Housing Finance Agency (NCHFA)

The nation's state Housing Finance Agencies (HFAs) created the National Council of State Housing Agencies (NCSHA) as a nonprofit organization more than 30 years ago to coordinate and leverage their federal advocacy efforts for affordable housing. NCSHA represents its members in Washington before Congress, the Administration, and several federal agencies concerned with housing, including HUD and the Treasury, and with other advocates for affordable housing. This program is administered in North Carolina by NCHFA. Go to www.ncsha.org for more information.

About Pioneering Technology Inc. & the Safe-T-element® (STE) cooking system

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® cooking system was 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 Safe-T-element® cooking system is available as both a retrofit and pre-installed on new stoves. For more information visit: www.pioneeringtech.com or www.safetelement.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.

Contact Information

  • Pioneering Technology Inc.
    Kevin R. Callahan
    President and CEO
    (905) 712-2061 ext. 222
    Website: www.pioneeringtech.com