/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TORONTO, April 18 /CNW/ - Pioneering Technology Inc. ("Pioneering") (TSX
Venture: PIO) announced that it has today completed the asset purchase
agreement with Silverback Media Limited ("Silverback Media") whereby
Pioneering sold the on-line dating and social networking business formerly
carried on by its predecessor, Lemontonic Inc. in exchange for 2,750,000
ordinary shares in the capital of Silverback Media, as announced in
Pioneering's press release of March 8, 2006.
About Pioneering
Pioneering was formed by the amalgamation of Lemontonic Inc. and
Pioneering Technology Inc. Pioneering is an "Energy-Smart" product innovation
company based in Mississauga, Ontario that creates platform and derivative
technologies that manage, control and transform heat into useful forms of
energy.
About Silverback Media
Silverback Media is a global, e-Marketing company. It acquires and
accelerates the growth of businesses that provide or take advantage of
interactive, on-line and mobile advertising networks. E-Marketing has become a
core element of mainstream advertising. According to Canaccord Adam's report
dated February 24, 2006, the e-Marketing economy has already grown to become a
US$18 billion global market and it is expected to grow by approximately 40% by
2008.
Silverback currently owns and operates three e-Marketing units: (1)
AdSoda Interactive, based in Toronto, Ontario, which operates dynamic, on-line
and mobile advertising networks in North America; (2) UMPH Media, based in
Toronto, Ontario, a development company that specializes in building and
maintaining social networks, and which currently operates the Lemontonic
Business; and (3) Silverback Wireless, based in Los Angeles, California, a
Mobile Virtual Network Operator that develops branded cell phones and
associated marketing programs for large organizations.
Silverback is actively seeking further synergistic acquisitions in the
e-marketing space, including companies active in the SMS, e-content and mobile
marketing spheres.
Investors are cautioned that the TSX Venture Exchange Inc. does not
accept responsibility for the adequacy or accuracy of this release.
