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Pioneering Technology blazing a trail with another SmartBurner deal

Thursday, October 6, 2016 7:30
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Pioneering Technology Corp (CVE:PTE) said 2,650 of its SmartBurner units are currently being installed after it struck a deal with a medium-sized US property management firm to equip its apartments.

The firm has more than 10,000 apartments throughout North Carolina, South Carolina, Virginia, West Virginia and Tennessee.

It comes after a one-year test at one of the firm’s buildings and the first 2,650 units have been shipped and are in the process of being installed. Phase two of the rollout is scheduled for early next year.

The product is a stovetop temperature control device.

Pioneering chief executive Kevin Callahan told investors: “The multifamily housing market in North America has been a large and growing channel opportunity for our products.

“Adoption of the SmartBurner in this channel since being launched has been significant. Recent partnerships with three of the largest supply partners to this channel is helping accelerate this adoption and growth.”

According to the official data, cooking equipment is the number one cause of household fires in the US, involved in nearly half (48%) of all fires resulting in loss of property, injuries and sometimes death.

Apartment residents are at higher risk and cooking fires result in significant annual direct costs but also result in additional costs in the form of lost income, relocation, insurance and other indirect costs for property management companies.

Pioneering’s technology has now been installed on over 150,000 stovetops throughout North America with 100% efficacy (zero reported cooking fires).  

Story by ProactiveInvestors


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