Business
Pioneering Technology Enters into Partnership Agreement with European Cooking Fire Prevention Leader Innohome OY
ESPOO, FINLAND / ACCESSWIRE / October 14, 2016 / Pioneering Technology Corporation ( TSXV: P...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Enters into Partnership Agreement with European Cooking Fire Prevention Leader Innohome OYESPOO, FINLAND / ACCESSWIRE / October 14, 2016 / Pioneering Technology Corporation (TSXV: PTE) (OTC: PTEFF), (\"Pioneering\" or the \"Company\"), a technology company and North America's leader in cooking fire prevention technologies and products is very pleased to announce today a partnership with Innohome OY, the market leader in cooking fire prevention technologies and products in Europe.\nInnohome, a technology company founded and managed by ex-Nokia engineers and executives, is the recognized European leader in cooking fire prevention. Their smart technologies have been recognized as the first to pass the new EU Standard and have received international recognition at distinguished events such as Las Vegas's Computer Electronics Show (Innovation Award Honoree) and the UK's International Fire and Security Exhibition and Conference (Innovation Award). Their multi-patented smart technologies are now installed in over 200,000 housing units across Europe.\nThe two companies entered into this partnership agreement with the objective of generating incremental revenue and profit by enabling sales of each company's products in the other's markets while reducing duplication of effort in R&D, sales/marketing, manufacturing and logistics. Both companies view each other's technology and products as complementary to their own and the addition of each company's technology and products will be accretive to revenue, gross profit and net income of both companies.\nInnohome OY CEO, Tomi Virtanen, said of the partnership, \"I am thrilled about this new chapter in Innohome's development and our entrance into North America in cooperation with another world class company. Pioneering Technology shares the same values and mission as Innohome: to save human lives, prevent injuries and avoid household damage by delivering state of the art technology. With our combined portfolio and R&D capabilities, we can now collectively address all stove types throughout the world. With our collective fire prevention solutions, we now have a solid footprint in our desired market channels on both sides of the Atlantic.\"\nPioneering CEO Kevin Callahan said of the partnership, \"Together we have solutions to address what is a substantial multi-billi...