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Mississauga, ON - August 30, 2012 - Pioneering Technology Corp. ("Pioneering" or the "Company") (TSX Venture: PTE), an energy smart product innovation and consumer goods company and the leader in helping prevent the number one cause of household fire in North America, reports its financial results for the three months ended June 30, 2012. The Company's unaudited financial statements for the three months and nine months ended June 30, 2012, together with its Management's Discussion and Analysis of these results, are available for review under the Company's profile at www.sedar.com.
Q3 Financial Results
Revenue for the quarter was $631,327, up 583% versus the third quarter of 2011. Gross margin was 60.2%, up from 44.2% versus the same quarter last year. Adjusted EBITDA for the quarter was approximately ($222,768) versus ($311,752) during the same period in 2011. Adjusted EBITDA for the nine months year-to-date was ($562,992) compared to ($299,258) in the same period in 2011. The increase represents a number of one-time costs and reflects the Company's strategic decision in 2012 to invest in people and new complementary product development to accelerate growth by leveraging its success over the past three years and its established leadership position in the area of cooking fire safety.
Q3 Business Highlights
-During the period, Pioneering partnered with Almo Corporation, the largest national distributor of major appliances in the United States. Warren Chaiken, Almo President & COO said of the agreement, "As the largest, home appliance distributor in the United States, adding product innovation and accessories that benefit our customers is a natural progression. Pioneering's line of Safe-T products are unique and highly beneficial to our customers and their consumers providing value added products that help increase our dealer profit margins while addressing a serious consumer need." This deal with Almo will help to provide Pioneering the reach it needs to support its existing line of Safe-T branded product solutions and the new products the Company plans to introduce in the very near future.
-The Safe-T-sensor technology for microwave ovens was featured at the 2012 Vision 20/20 "Models in Fire Prevention" Symposium in Reston Virginia. Ohio University was invited to share the success of their "Nuisance Alarm Reductions on Campus" program featuring Pioneering's Safe-T-sensor. Ohio University and the Athens Fire Department had a significant problem related to nuisance alarms and fire department responses to campus. Ohio University presented their success story for determining the most prevalent cause of nuisance alarms on campus and then the best way to address them. Results over the past school year (75% reduction in burnt food runs versus their annual average) mean that Ohio University is exceeding its target of reducing nuisance runs over the next three years. Ohio expects the trend to continue resulting in a savings of approximately $222,000 and better safety for its students and first responders.
-During the period the Company began working with BC Housing, the largest affordable housing provider in British Columbia. New projects were recently completed in Kelowna, Nanaimo and Nelson BC. BC Housing's portfolio consists of over 13,000 residences. The BC Housing initiative is based on their directive to eliminate their # 1 cause of fires, which is stovetop cooking.
-The Company made substantial progress during the quarter on two new complementary products that it is planning to bring to market in the fall of 2012. These two new product technologies will allow the Company to expand its reach by providing solutions to additional product platforms/range types and additional channels, which is expected to help drive incremental revenue for the Company. Both products are in the final stages of commercial development. The Company is also in the process of developing an OEM format for one of its products and is in discussions with large appliance manufacturers. The Company has always believed that the at-source OEM format is the best platform for bringing some of its product technologies to market in an economically efficient manner.
-The Company was ranked #45 in the 24th annual PROFIT 200 ranking of Canada's Fastest-Growing Companies. Ranking Canada's Fastest-Growing Companies by five-year revenue growth, the PROFIT 200 profiles the country's most successful growth companies and is Canada's largest annual celebration of entrepreneurial achievement. This is the second consecutive year that Pioneering has been recognized by PROFIT. Pioneering has grown 3,501% over the five-year period and 996% as per the parameters of the PROFIT 200 ranking.
Option Grants
The Company issued 980,000 options on July 6, 2012 to Directors, Officers, Contractors and Employees at $0.25 maturing in five years (some of which vest immediately and some are based on reaching certain milestones) pursuant to the Company's existing Stock Option Plan.
About Pioneering Technology Corp: Pioneering is an "Energy Smart" product innovation company based in Mississauga, Ontario, that engineers and brings to market energy smart solutions for consumer products making them safer, smarter and/or more efficient. The patented Safe-T-element(R) cooking system is engineered to help prevent stove top cooking fires, the number one cause of fire in North America, and to reduce the amount of electricity required to cook. The patent pending Safe-T-sensor is designed to detect burning conditions in microwave ovens shutting it off before it causes a fire or triggers a fire alarm. Pioneering trademarks include Safe-T-element(R), Safe-T-Sensor(TM), Powergrill(TM), Battery Eliminator(R), Powerpak(TM) and the Hydro-free Furnace Fan(TM). For more information visit: www.pioneeringtech.com.
For further information contact: Kevin Callahan, President & CEO at (905) 712-2061 ext. 222.
Forward Looking Statements
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in the Corporation's target markets, the demand for the Corporation's products, the availability of funding, the efficacy of the Corporation's technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Corporation's expectations and projections.
Non-GAAP Measures
Adjusted EBITDA is a measure not recognized under Canadian generally accepted accounting principles ("GAAP"). However, management of Pioneering believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges, and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standard meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with GAAP and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Corporation's Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of the Corporation posted on SEDAR (www.sedar.com).
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
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