Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

May 07, 2008 19:46 ET

Pioneering Technology Inc. Announces Share Consolidation

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

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

PIONEERING TECHNOLOGY INC. (the "Corporation") (TSX VENTURE:PIO) announces that it intends to consolidate (the "Consolidation") its issued and outstanding common shares (the "Common Shares") on the basis of ten (10) old Common Shares for one (1) new Common Share. The Corporation currently has 83,154,253 Common Shares outstanding and will have 8,315,425 Common Shares outstanding following the Consolidation. The Corporation is consolidating its shares because the directors of the Corporation have determined it is in the best interests of the Corporation to clean-up its capital structure in order to improve future financing possibilities. In conjunction with the Consolidation, the Corporation intends to change its name to Pioneering Technology Corp. and will be issued a new trading symbol by the TSX Venture Exchange Inc. (the "TSX Venture"). The Consolidation is subject to the approval of the TSX Venture and the shareholders of the Corporation, which approval shall be sought at a meeting of shareholders to be held on May 28, 2008.

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