Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

November 10, 2006 07:00 ET

Pioneering Technology Inc.: Silverback Media PLC Lists on Plus Markets in the UK

Pioneering Technology holds 12% of Silverback Media PLC

MISSISSAUGA, ONTARIO--(CCNMatthews - Nov. 10, 2006) - Pioneering Technology Inc. of Mississauga, Ontario (TSX VENTURE:PIO), ("Pioneering"), announces that the ordinary shares of Silverback Media PLC, ("Silverback") have been listed for public trading on the Plus Markets exchange in the UK (previously Ofex) under the symbol SBMP: PZ. The stock opened for trading November 8th 2006 at 42P (approx. CDN$0.90).

On April 18th, 2006, Pioneering completed the sale of the assets of Lemontonic Inc. to Silverback in exchange for 2,750,000 ordinary shares in the capital of Silverback.

"We are very pleased to see the launch of Silverback into the public market. Martin Doane, (CEO of Silverback) and his management team have done a tremendous job of aggregating several e-marketing businesses with complimentary platforms, into a very exciting global company. Its two key divisions, mobile marketing and online advertising are well positioned to benefit from the current trends in the industry", said Kevin Callahan, President and CEO of Pioneering Technology.

As per Lemontonic's press release of May 24th, 2005, Lemontonic announced a non-arm's length Amalgamation Agreement with Pioneering, in which Lemontonic and Pioneering agreed to complete a Business Combination to form a new company called Pioneering Technology Inc. The Business Combination constituted a Reverse Takeover of the Corporation as defined in the policies of the TSX Venture Exchange Inc. Prior to the Amalgamation of Lemontonic and Pioneering Technology, investors in the Class B shares of Lemontonic were granted a "preferred or special purpose" share that was nonvoting and redeemable subject to Silverback being publicly traded and at the discretion of the Pioneering Board of Directors.

Based on a price of 40P per share, Pioneering's 2,750,000 shares of Silverback have a current value of CDN$1,243,012 (or $0.026 per Pioneering share) to Pioneering after recognizing the Class B shareholders. The Silverback shares are subject to a standard 6-month hold period.

About Silverback Media PLC

Silverback Media PLC, is a global e-marketing company with operations in London, Toronto, Paris and Los Angeles. Silverback owns and operates interactive, online and mobile advertising and marketing networks, providing e-marketing services and technology solutions that assist marketers in increasing their customer bases and sales. For further information about Silverback Media go to www.silverback-media.com

About Pioneering Technology Inc.

Pioneering is an energy smart product innovation company based in Mississauga, Ontario, that creates platform and derivative technologies that manage, control and transform heat into useful forms of energy.

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 Callahan
    President, CEO
    (905) 712-2061
    or
    Silverback Media PLC
    Martin Doane
    CEO
    (416) 363-0060
    or
    Pioneering Technology Inc.
    David Speck
    Investor Relations
    (416) 368-8464