Mr. Kevin Callahan reports

PIONEERING TECHNOLOGY REPORTS 2024 Q1 FINANCIAL RESULTS

Pioneering Technology Corp. has released its unaudited financial results for the first quarter ended Dec. 31, 2023. Pioneering's unaudited condensed interim financial statements and management's discussion and analysis are available on SEDAR+.

Financial highlights:

• Revenue in Q1 was $653,661, versus $462,833 for the same period a year ago.
• Gross margin in Q1 was 59 per cent ($385,284) versus 48 per cent ($222,774) in Q1 2023.
• Expenses in Q1 were $598,605, an increase of 37 per cent versus $436,921 in Q1 2023. The company intends to continue to manage its costs carefully and in an appropriate manner relative to industry conditions.
• Net loss for the quarter was ($221,936) versus a loss of ($234,955) in Q1 2023.
• Balance sheet remains strong with $700,000 in cash and $2.3-million in accounts receivable and inventory.

Pioneering chief executive officer Kevin Callahan said of the results: "We continue to head in the right direction. We saw a significant improvement in revenue and gross profit margins during the first quarter of 2024, and we have an aggressive plan for the future. We believe we will achieve our objectives by leveraging our competitive advantages and optimizing our newly acquired resources to achieve broader customer reach and partnerships and drive higher close rates amongst our growing qualified lead base. We continue to be committed to making our business successful for all stakeholders."

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 fire: 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 technology is installed in over 450,000 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 Safe-T-element, SmartBurner, RangeMinder 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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