Pioneering Technology Corp (CVE:PTE) shares soared over 10% on Thursday after Pennrose Properties LLC of Philadelphia specified the installation of its SmartBurner for all of its new building and redevelopment projects.
Pioneering is North America’s leader in cooking fire prevention technologies and products.
The Pennrose development and management project portfolio includes close to 16,000 multi-family housing apartment units in 12 states and the District of Columbia and in over 80 municipalities.
Pennrose is a premier real estate development and property management company with an outstanding reputation for excellence both in the quality of residential units produced and the manner in which they are maintained. As an innovator in building design and operational management efficiency, Pennrose has delivered lasting value for its customers and for the multifamily housing market for more than 40 years.
“Theirs is a team of exceptional professionals transforming communities by creating high quality real estate developments and delivering outstanding value to their tenants, clients and partners. We are proud to have Pennrose now specify our products in their new construction and redevelopment projects,” said Kevin Callahan CEO of Pioneering Technology.
Prior to making this decision, Pennrose confirmed proof of performance having previously completed Safe-T-element and SmartBurner installations in apartment buildings in Ohio, Maryland, Pennsylvania, Connecticut and New Jersey.
It is the success of these pilot projects that triggered Pennrose’s decision to specify SmartBurner for all future new building and redevelopment projects. The latest development project is underway now for the Cuyahoga Housing Authority in Cleveland Ohio.
Pioneering shares were up 10.3% at C$0.75 on Thursday.
Story by ProactiveInvestors