Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

May 07, 2008 19:47 ET

Pioneering Technology Inc. Announces Loan Financing

MISSISSAUGA, ONTARIO--(Marketwire - May 7, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

PIONEERING TECHNOLOGY INC. (the "Corporation") (TSX VENTURE:PIO) is pleased to announce that it has obtained a $300,000 loan financing (the "Loan") from McAllister Holdings Ltd. (the "Lender"). The purpose and business reasons for the Loan is to assist the Corporation with general working capital and product inventory requirements.

The Loan must be repaid no later than six months from the date the Loan is granted. Interest is payable on the Loan at a rate of 10% per annum, calculated monthly. The Loan will be secured by a general security agreement over the assets of the Corporation. As additional consideration for the Loan, the Corporation will grant 1,200,000 common shares in the capital of the Corporation to the Lender subject to the receipt of approval from the TSX Venture Exchange. The common shares issued to the Lender will be subject to a hold period of four months.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Pioneering Technology Inc.
    Kevin R. Callahan
    President and CEO
    (905) 712-2061