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Pioneering Technology well positioned as it beats forecast of 50% revenue growth for third year in row

Last updated: 14:12 19 Jan 2018 EST, First published: 04:29 19 Jan 2018 EST

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The company is a leader in cooking fire prevention technologies and products.

Pioneering Technology Corp (CVE:PTE) says it's well positioned for long-term growth as it enjoyed its best year to date in fiscal 2017.

The firm, for the year to end September,  beat its forecast of 50% revenue growth for the third year in a row, achieved new annual highs in revenue, gross profit and adjusted earnings before interest, taxes, depreciation and amortization, it said.

READ - Pioneering Technology expands reach in Canada with new Home Hardware order

"Once again, we have met all of our annual objectives, and delivered more than 50-per-cent top-line growth and profitability for the third year in a row," chief executive Kevin Callahan told investors.

"After much hard work we are now, for the first time in our history, well capitalized and well positioned to maximize on the potential of this multibillion-dollar category and industry that we have created and that we helped disrupt."

Pioneering describes itself as an energy-smart tech company and North America's leader in cooking fire prevention technologies and products.

Revenue for the year was $10.28mln - 55% more than in 2016.

Net income was $245,054 and adjusted EBITDA came in at around C$2mln.

Notably, Pioneering has a strong balance sheet, with $7.5mln in cash, which positions it for long-term growth.

READ - Pioneering Technology shares spark higher as it completes largest single SmartBurner order to date

"Given our growing and profitable business, and stronger financial position, we have been investing in our business over the past nine months to help further accelerate our long-term growth," said Callahan.

Among its activity in 2017 was the expansion of its SmartBurner product  into the multifamily social housing and rental housing channels, the university and college channel, the U.S. military, and the retail channel.

During the year, Pioneering also announced that another major suite-style hotel chain in North America began equipping around 5,700 rooms with the product.

Last summer, it finalized a definitive partnership agreement with Innohome Oy of Finland over sales of each company's products in the other's markets.

Shares in Toronto on Thursday closed at C$0.67 each.

Shares eased 1.49% to C$0.66 on the day.

'Things are looking great' for Pioneering Technology says CEO Kevin Callahan

Pioneering Technology Corporation (CVE:PTE) president and chief executive Kevin Callahan updates Proactive on the company's latest results and outlook for growth. They've recently received a boost with its life-saving SmartBurner product being made available for purchase through the US...

on 11/29/2016