/(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)/
MISSISSAUGA, ON, Oct. 25 /CNW/ - Lemontonic Inc. ("Lemontonic" or "the
Corporation") (TSX Venture: LEM) and Pioneering Technology Inc.
("Pioneering"), the company with which Lemontonic has previously announced a
proposed business combination constituting a reverse take-over (the "Business
Combination"), are pleased to announce that Pioneering has entered into a
contribution agreement for the funding of their Hydro Free Furnace Fan (HFFF)
research and development project. Under the terms of the contribution
agreement, NRC-IRAP will fund Pioneering's HFFF development project up to
$65,000 of initial planned expenditures.
With the Hydro Free Furnace Fan, Pioneering is working to design a
component to enable forced-air furnaces to run independent of the electrical
power grid by transforming heat from the furnace to electricity sufficient to
power the fan. In addition, this technology would enable the furnace to run
during black or brown outs providing added safety. The Hydro Free Furnace Fan
project is in its early development stages.
Kevin Callahan, President of Pioneering Technology said, "We are very
pleased to receive the support of the National Research Council of Canada's
IRAP program to further the early stage development of our Hydro Free Furnace
Fan project."
There are over 6.5 million forced air furnaces in Canada according to
Statistics Canada.
About NRC-IRAP
The National Research Council's Industrial Research Assistance Program
(NRC-IRAP) is Canada's premier innovation assistance program for small and
medium-sized Canadian enterprises (SMEs). It is a vital component of the NRC,
a cornerstone in Canada's innovation system, regarded worldwide as one of the
best programs of its kind.
As a key enabler within Canada's innovation system, NRC-IRAP provides
Canadian SMEs with value-added technological and business advice, financial
assistance and a range of other innovation assistance. NRC-IRAP helps SMEs
realize their full potential, turning knowledge and innovation into strategic
opportunities, jobs and prosperity for all Canadians.
About Pioneering
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. Pioneering
engineers and brings to market energy smart solutions for consumer products
making them safer, smarter and/or more efficient. Pioneering's business to
business model is focused on developing innovative solutions for existing
industry problems and licensing its proprietary product components to leading
Original Equipment Manufacturers (OEMs) and other established distribution
channels.
As previously announced, completion of the Business Combination is
subject to a number of conditions, including but not limited to, TSX Venture
acceptance and shareholder approval of the Corporation. The Business
Combination cannot close until the required shareholder approval is obtained.
There can be no assurance that the Business Combination will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the Information
Circular of the Corporation to be released in connection with the Business
Combination, any information released or received with respect to the Business
Combination may not be accurate or complete and should not be relied upon.
Trading in the securities of the Corporation should be considered highly
speculative. The TSX Venture Exchange Inc. has in no way passed upon the
merits of the Business Combination and has neither approved nor disapproved
the contents of this press release.
Except for historical information contained herein, this news release
contains forward-looking statements that involve risks and uncertainties.
Actual results may differ materially. Factors that might cause a difference
include, but are not limited to, market acceptance of principal products, the
impact of competitive products and technologies, the possibility of products
infringing patents and other intellectual property of fourth parties, and
costs of product development.
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