Pioneering Technology Corp. Announces Senior Management Addition and Issuance of New OptionsFebruary 26, 2020
Mississauga, ON – February 25, 2020– Pioneering Technology Corp. (“Pioneering” or the “Company”) (TSXV: PTE), a technology company and North America’s leader in cooking fire prevention technologies and products, is pleased to announce that Tim Mulroney has joined the Company as its Vice President of Sales.
Tim brings with him an impressive track record in sales and sales leadership. He has more than 18 years of team leadership experience, including 12 years leading direct sales for North America. Most recently, Tim spent seven years at Siamons International as their Senior Vice President, Global Sales. Like Pioneering, Siamons generates a significant amount of sales in the U.S., operates in a niche space, and focuses on the B2B market leveraging relationships with key distributors and broker partners. In seven years at Siamons, Tim was responsible for significant increases in sales. Prior to that, Tim spent more than 20 years with S.C. Johnson, a cleaning and household products company, where he held progressively more senior account management, sales management and customer marketing roles, culminating with the role of Vice President of Sales, leading a team of 65 sale professionals that generated hundreds of millions of dollars of sales. Tim has a Bachelor of Science from Queen’s University in Kingston and is a graduate of the Marketing Management Program at the University of Western Ontario in London.
John Bergsma, Chair of the Board of Directors, said: “Having Tim join Pioneering’s management team is very energizing. The selection process was very thorough, and we believe that Tim was an excellent choice. The Board has confidence that he brings the necessary skills and experience that can help deliver the sales results we have long believed this company is capable of achieving.”
Kevin Callahan, Chief Executive Officer, said: “We are very excited to have Tim on board and believe that he has the right mix of skill, proven results, and attitude. Now that Pioneering has a seasoned professional leading our sales team, we can focus on returning the company to profitability in the short term and hitting our 3-year strategic goals.”
The Company also announced that it has granted an aggregate of 2,900,000 stock options to directors and officers of the Company, including Mr. Mulroney. The stock options are exercisable into common shares of the Company for a period of five years and will have an exercise price equal to the greater of (i) the closing price of Pioneering’s shares on the TSXV on the second trading day following the filing of Pioneering’s financial statements and MD&A for the quarter ended December 31, 2019 and (ii) $0.05. These options have been granted pursuant to the Company’s Stock Option Plan, some of which are subject to vesting requirements.
About Pioneering Technology Corp:Pioneering, based in Mississauga, Ontario is an “energy smart” technology company and North America’s leader in innovative cooking fire prevention technologies and products. Our mission is simple: To help save lives and property from the number one cause of household fire – cooking fires. We do this by engineering and bringing to market energy-smart solutions that make consumer appliances safer, smarter, and more efficient. Our patented cooking-fire prevention products address the multi-billion-dollar problem of cooking fires. According to the National Fire Protection Association, stovetop cooking is the number one cause of household fire and fire injuries in North America. Pioneering’s temperature limiting control (TLC) technology is now installed in over 300,000 multi-residential housing units across North America without a single cooking fire being reported, delivering peace of mind and a solid return on investment for its customers. Pioneering’s proprietary cooking fire prevention solutions include Safe-T-element, SmartBurner, RangeMinder & Safe-T-sensor and are suitable for the majority of the more than 140 million stoves/ranges and over 140 million microwave ovens in use throughout North America. For more info, go to www.pioneeringtech.com.
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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 Pioneering’s target markets, the demand for Pioneering’s products, the availability of funding and the efficacy of Pioneering’s technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, Pioneering does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Pioneering’s expectations and projections.
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