Pioneering Technology Corp. Announces For Cause Termination of Executives
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.
Pioneering Technology Corp., Kevin Callahan, CEO, Phone: 647-945-7515, Email: [email protected]; For investor relations please contact: Contact Financial Corp., Rob Gamley, Phone: 604-689-7422, Email: [email protected]
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