Pioneering Technology boosted by second major hotel deal

Shares in Pioneering Technology Corp (CVE:PTE) heated up as it won another big hotel order for its  SmartBurner product in the US.

An unnamed large suite-style hotel chain in North America has made an initial purchase order for about 1,000 rooms and plans to equip 5,700,  the company said.

Pioneering’s product with patented temperature limiting control (TLC) technology, helps prevent cooking fires before they start.

In January this year, it landed its biggest order to date with an order from one of the largest suite style hotel chains in North America – for around 40,560 single SmartBurners (or 10,140 4-burner kits) to equip hotel properties.

This new order means that Pioneering is now doing major installations with two large national suite-style hotel chains in the US.

Chief executive  Kevin Callahan said: “We continue to make significant inroads with our product solutions in this very large channel.

“Our new distribution partners are quickly understanding the return on investment that our product delivers for their end-users and can articulate this value proposition, which is resulting in growing customer/channel penetration and business results.”

It is worth noting that, of the major suite-style hotel chain properties (with kitchens) in North America, there are over 3,200 hotel properties and around 320,000 suite-style hotel rooms.

This represents a significant multimillion-dollar opportunity for the company and its distribution partners, the group said.

Pioneering hopes to announce more news from this channel in the coming months.

The  firm’s temperature limiting control  technology has now been installed on over 200,000 stovetops throughout North America with 100-per-cent efficacy, it added.

Shares in Toronto added 2.8% to $1.10.

Story by ProactiveInvestors