Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

August 30, 2007 09:25 ET

Pioneering Technology Incorporated Reports Results for the Third Quarter Ended June 30, 2007

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 30, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Pioneering Technology Inc.'s (TSX VENTURE:PIO) commitment to delivering revenue growth in Fiscal Year 2007 has been rewarded to date with three quarters of consistent growth as the Company reported results for the quarter ending June 30, 2007.

This press release should be read in conjunction with the Company's interim consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter ending June 30, 2007, copies of which can be found at www.sedar.com.

In keeping with Pioneering's strategic emphasis of delivering immediate revenue, the Company's primary focus continues to be on the sale and business development of its patented Safe-T-element™ (STE) cooking system and the introduction of its grill innovations.

Pioneering CEO, Kevin Callahan said, "we are very pleased with the consistent growth that we are seeing from the introduction of our Safe-T-element cooking system. Our sales team is doing a great job acquiring new customers, opening up new market opportunities and assembling a list of testimonials from happy customers and endorsements from third party influencers that are starting to have a significant impact on our ability to convert new customers from trial to adoption. A look at our growing customer list will give you an idea of this products potential

Highlights:

- Q3 revenue up 48% versus Q2.

- Significant customer acquisition in core markets (seniors, low-income and university housing).

- Beginning to penetrate new market opportunities (military & native housing, hotels/motels)

- US Federal government recognition through Homeland Security grants

- Recognized as approved supplier to the US military

- Pioneering and Weber continue to develop new product innovation for 2008 introduction.

- Engineering currently working to commercialize new product opportunities.

Results from Operations

Revenues for the three month period ended June 30, 2007 increased to $240,000 which represents a revenue increase of $224,000 as compared to the same period last year and an increase of 48% versus Q2. The net loss for the nine month period ended June 30, 2007 was approximately $1,065,000 and represents a loss per share of $.02, compared to a loss of $ 1,786,000 during the same period last year representing a loss per share of $0.03.

About Pioneering Technology Inc.

Pioneering is an "Energy Smart" product innovation company based in Mississauga, Ontario, Canada that creates platform and derivative technologies that manage, control and transform heat into useful forms of energy. Pioneering engineers and brings to market energy smart solutions for consumer products making them safer, smarter and/or more efficient.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Pioneering Technology Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Pioneering Technology Inc.

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

Contact Information

  • Pioneering Technology Inc.
    Kevin R. Callahan
    President & Chief Executive Officer
    (905) 712-2061 ext. 222
    or
    Pioneering Technology Inc.
    Philip Hampson
    Acting Chief Financial Officer
    (416) 497-1460
    Email: info@pioneeringtech.com