Pioneering Technology Corp (CVE:PTE) shares were higher on Friday after the company said was entering a partnership with Innohome OY, the market leader in cooking fire prevention technologies and products in Europe.
Finland-based Innohome, a technology company founded and managed by ex-Nokia engineers and executives, is the recognised European leader in cooking fire prevention.
Its smart technologies have been recognized as the first to pass the new European Union standard and has received international recognition at distinguished events such as Las Vegas’s Computer Electronics Show (innovation award honouree) and the United Kingdom’s International Fire and Security Exhibition and Conference (innovation award). Its multi-patented smart technologies are now installed in over 200,000 housing units across Europe.
The two companies entered into the partnership agreement with the objective of generating incremental revenue and profit by enabling sales of each company’s products in the other’s markets while reducing duplication of effort in research and development, sales/marketing, manufacturing, and logistics. Both companies view each other’s technology and products as complementary to their own and the addition of each company’s technology and products will be accretive to revenue, gross profit and net income of both companies.
“Pioneering Technology shares the same values and mission as Innohome: to save human lives, prevent injuries and avoid household damage by delivering state-of-the-art technology. With our combined portfolio and R&D capabilities, we can now collectively address all stove types throughout the world. With our collective fire prevention solutions, we now have a solid footprint in our desired market channels on both sides of the Atlantic,” said Innohome OY chief executive officer, Tomi Virtanen.
Pioneering chief executive officer Kevin Callahan said of the partnership: “Together we have solutions to address what is a substantial multibillion-dollar problem in the U.S. and is significantly larger around the world. In keeping with our strategic plan this new partnership enables us to take our product to markets outside of North America. Together we will grow the category, share best practices and deliver best-in-class solutions that will further change the cooking appliance industry globally.”
According to the National Fire Protection Association, cooking equipment is the No. 1 cause of household fire and fire injuries in the United States and around the world. In the U.S. alone cooking fires are responsible for nearly half (48%) of all fires, the No. 1 cause of household fires, fire injuries and the second leading reason of fire deaths. These fires also result in significant loss of property, lost income, relocation, insurance and other indirect costs for property owners and taxpayers.
Pioneering Technology shares were up 1.6% at C$0.63 on Friday.
Story by ProactiveInvestors