MISSISSAUGA, ON, Jan. 23, 2019 /CNW/ - Pioneering Technology Corp.
("Pioneering" or the "Company") (TSXV: PTE), a
technology company and North
America's leader in cooking fire prevention technologies and
products, announced today that it terminated the employment of
Laird Comber, Vice-President of Sales, and Wayne Zu, Director of
Engineering and Manufacturing on January 9,
2019. The Company has also terminated the engagement of
Steph Cooper as the Company's
controller on the same day.
Mr. Comber, Mr. Zu and Ms. Cooper were terminated for cause as a
result of their participation in a scheme aimed at competing
directly with Pioneering in the cooking fire prevention market in
North America using Pioneering's
confidential information, intellectual property, trade secrets and
know how. Upon discovery of this scheme, Pioneering has acted
promptly to protect its interests, including by terminating the
employment or engagement of each of the individuals for cause and
by initiating litigation against the three individuals in the
Ontario Superior Court of Justice seeking appropriate remedies
including damages. Pioneering will also seek an injunction against
any further improper use or disclosure of Pioneering's confidential
information, competitive activities or interference with
Pioneering's business relationships.
This scheme disrupted Pioneering's business and the momentum it
had enjoyed up to FY 2018. Now that the three individuals are no
longer associated with Pioneering, the Company will focus on
implementing various measures in connection with its 2019 business
plan intended to re-establish normalcy in operations, improve
performance and capitalize on Pioneering's position as North America's leader in innovative cooking
fire prevention technologies and products, including retaining:
- Focus Sales Management, a proven, Toronto-based, professional B2B sales
consulting firm, to assist with Pioneering's sales planning and
execution which will now be led by Pioneering's President,
Dan MacDonald and VP Marketing
Michael Quast; and
- BDO Canada to assist Pioneering with financial advisory, daily
accounting and reporting obligations.
Pioneering has initiated a search for a highly qualified
engineering and manufacturing executive to help lead its current
product development efforts.
Commenting on these developments, CEO Kevin Callahan said, "We want to reassure all
stakeholders that despite these unfortunate events, management is
fully committed to retaining normal business operations with a
focus on growing the business in 2019 and beyond. We are grateful
for the ongoing support and commitment of our loyal employees,
customers, distributors, valued partners and shareholders who have
supported us and our market-leading cooking fire solutions."
About Pioneering Technology Corp.
Pioneering Technology 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
patented 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, SmartRange, 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 information, visit
www.pioneeringtech.com.
This news release contains certain forward-looking statements
that reflect the current views and/or expectations of the Company
with respect to its performance, business and future events. Such
statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary
significantly.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release
SOURCE Pioneering Technology Corp.