Business
Pioneering Technology Corp. Reports 2012 Q1 Financial Results; Harvey Johnson appointed Chief Financial Officer of the Corporation
(via Thenewswire.ca) Mississauga, ON - April 9, 2012 - Pioneering Technology Corp. ("Pionee...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"\nPioneering Technology Corp. Reports 2012 Q1 Financial Results; Harvey Johnson appointed Chief Financial Officer of the Corporation\n\n(via Thenewswire.ca)\n\n \nMississauga, ON - April 9, 2012 - Pioneering Technology Corp.\n(\"Pioneering\" or the \"Corporation\") (TSX Venture:\nPTE), an energy smart product innovation and consumer goods company,\nrecently reported its financial results for the three months ended\nDecember 31, 2011. The Company's unaudited financial statements for\nthe three months ended December 31, 2011, together with its\nManagement's Discussion and Analysis of these results, are available\nfor review under the Company's profile at www.sedar.com.\n\n\n \nQ1 Financial Results\n\n\n \nRevenue for the quarter was $431,920 as compared to $609,495 in the\nsame quarter in fiscal 2011. After the Corporation delivered its best\nquarter to date in Q4 2011, sales of the Safe-T-element (STE) while\ndown in Q1 were offset by the increase in Safe-T-sensor (STS) sales,\nspecifically in the University channel. As at December 31, 2011, the\nCompany's cash position was $334,934. This is an increase from\n$191,436 at September 30, 2011. Working capital at the end of December\n2011 was $411,667 and 1.64 as a ratio of current assets to current\nliabilities.\n\n\n \nQ1 Business Highlights\n\n\n \n-Canadian Association of Fire Chiefs pass resolution in support of\n\"high end heat limiting technology\" - the STE is the only\nproduct that delivers high end heat limiting technology.\n\n\n \n-85% of the largest public housing providers in Ontario have now\nmandated the STE technology.\n\n\n \n-STE recommended by US military for all government owned/operated\nmilitary family housing.\n\n\n \n-Fire Protection Research Foundation funded by the Department of\nHomeland Security publishes report on effectiveness of the STE\ntechnology.\n\n\n \n-STE recognized as \"energy savings technology\" by Johnson\nControls, National Council of State Housing Association's Affordable\nHousing Tax Credit program; and the Ontario Power Authority.\n\n\n \n-Pioneering issued US Patent for Safe-T-sensor Technology.\n\n\n \nMr. Johnson has recently been appointed part time CFO of the\nCorporation. Mr. Johnson is a KPMG internationally trained CA who has\nworked in organizations renowned for their 'best practices' approach\nto business solutions. Mr. Johnson'...