/Not for dissemination in the United States of America/
2011 Fiscal Year End - Preliminary Highlights
MISSISSAUGA, ON, Oct. 25, 2011 /CNW/ - Pioneering Technology Corp.
(TSXV: PTE), ("Pioneering" or the "Company"), an energy smart product
innovation and consumer goods company, closed its 2011 fiscal year on
September 30, 2011. The Company will file its audited financial
statements for the 2011 fiscal year on or before January 29, 2012. In
the interim, the Company is pleased to provide the following unaudited
financial highlights for the three months and year ended September 30,
2011:
-
the Company is expected to report record revenues for the 3 months ended
September 30, 2011;
-
fourth quarter revenues are expected to be up over 30% versus the same
period in 2010;
-
over 70% of total U.S. revenues for 2011 are expected to be from sales
in the fourth quarter;
-
sales of the patent pending Safe-T-sensor are up over 600% versus 2010;
and
- the Company is expected to report an operating profit for the fourth quarter and the fiscal year.
As indicated in the Company's third quarter results, U.S. revenues were down during the first three quarters of 2011 largely due to the spending stress created by both the delay in the passing of the U.S. budget earlier this year and more recently the debt ceiling debate. The resolution of these issues allowed U.S. government funded institutional customers to proceed with previously planned orders. This has resulted in a significant increase in the Company's U.S. revenues for the fourth quarter.
The financial information contained in this news release is based on management's estimates and has not yet been approved by the Company's audit committee or board of directors, or reviewed by the Company's auditors.
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® 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 the device off before it triggers a fire
alarm. Pioneering trademarks include Safe-T-element®, Safe-T-Sensor™,
Powergrill™, Battery Eliminator®, Powerpak™ and the Hydro-free Furnace
Fan™. For more information visit: www.pioneeringtech.com.
Forward Looking Statements
The statements made in this press release with respect to the Company's
anticipated financial results for the three months and year ended
September 30, 2011 constitute 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.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.