MISSISSAUGA, ON, June 1, 2020 /CNW/ - Pioneering Technology
Corp. (TSXV: PTE) ("Pioneering" or the "Company"), a
technology company and North
America's leader in cooking fire prevention technology and
products, today announced that it intends to rely on the temporary
blanket relief for market participants published on March 23, 2020 (the "Blanket Order") by
the Canadian Securities Administrators (the "CSA") which
provides for a 45-day extension to file its interim financial
statements and interim Quarterly Management Discussion and Analysis
("MD&A") for the second quarter ended March 31, 2020 (the "Q2 2020
Filings").
The Company is relying on the temporary exemption granted
pursuant to section 7 of Ontario Instrument 51-502 Temporary
Exemption from Certain Corporate Finance Requirements with respect
to the requirement to file the Q2 2020 Filings as per sections 4.4
and 5.1(2) of National Instrument 51-102 Continuous Disclosure
Obligations and section 5.1 of National Instrument 52-109
Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company expects to file the Q2 2020 Filings no later than
June 5, 2020.
Until the Q2 2020 Filings are filed, management and other
insiders of the Company are subject to a trading black-out policy
that reflects the principles of section 9 of National Policy 11-207
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
Other than as previously disclosed by the Company, there have
been no material business developments since March 2, 2020, the date the Company's unaudited
interim financial statements for the quarter ended December 31, 2019 were filed.
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Pioneering Technology Corp.