Mr. Kevin Callahan reports

PIONEERING TECHNOLOGY REPORTS 2023 Q2 FINANCIAL RESULTS

Pioneering Technology Corp. has released its unaudited financial results for the three and six months ended March 31, 2023. Pioneering's unaudited condensed interim financial statements and management's discussion and analysis are available on SEDAR.

Financial highlights:

• Revenue in second quarter was $713,811 versus $810,346 for the same period a year ago.
• Revenue for the first six months of fiscal 2023 was $1,176,644 versus $1,276,131 in the first six months of fiscal 2022.
• Gross margins during Q2 improved to 45 per cent compared with 44 per cent in Q2 last year.
• Expenses during the six-month period decreased to $774,908 versus $960,108 a year ago.
• Net income for Q2 was $5,916 versus a loss of $102,616 a year ago.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in Q2 improved to $109,362 versus a loss of $37,759 during the same period last year.
• The balance sheet remains strong with current assets of approximately $3.4-million and approximately $700,000 of current liabilities.

Pioneering chief executive officer Kevin Callahan said of the results: "While revenue in fiscal 2023 year to date is roughly the same as last year, the company's continued focus on managing expenses while executing against its strategic plan continue to track in the right direction with positive net income and EBITDA in the second quarter. Current sales and business development initiatives are beginning to take hold, and the company believes it is well positioned to meet its 2023 targets and future growth plans."

About Pioneering Technology Corp.

Pioneering, based in Mississauga, Ont., is an energy smart technology company and North America's leader in innovative cooking fire prevention technologies and products. Its mission is simple: to help save lives and property from the No. 1 cause of household fires -- cooking fires. It does this by engineering and bringing to market energy-smart solutions that make consumer appliances safer, smarter and more efficient. Its patented cooking fire prevention products address the multibillion-dollar problem of cooking fires. According to the National Fire Protection Association, stovetop cooking is the No. 1 cause of household fire and fire injuries in North America. Pioneering's temperature limiting control (TLC) technology is now installed in over 400,000 multiresidential housing units across North America without a single cooking fire, delivering peace of mind and a solid return on investment for its customers. Pioneering's proprietary cooking fire prevention solutions include SmartElement, SmartBurner, RangeMinder, SmartMicro and 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.

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