Pioneering Technology Reports Fiscal Year 2021 Financial Results

(TheNewswire)

Mississauga,ON – TheNewswire -January28,2022 – Pioneering Technology Corp. (TSXV:PTE) (“Pioneering” or the “Company”), a technology company and North America’s leader in cooking fire prevention technologies and products, reports its audited 2021 financial results for the fiscal year ended September 30, 2021. Pioneering’s audited financial statements and MD&A are available on SEDAR (www.sedar.com).

Selected Financial Information for the Twelve Months Ended September 30, 2021

• Revenue in 2021 was$3,351,014,versus $6,540,550 in 2020. The Company’s revenue has been adversely affected by the impact of COVID-19 since Q3 of fiscal 2020.

• Gross margin in 2021 was 44% versus 41% in 2020. The Company has been taking steps over the past year to improve gross margins (related to cost increases and tariffs) and believes that due to recent/ongoing initiatives these margins will continue to improve in 2022.

• Expensesin2021were ($2,693,125),adecreaseof22%versus2020 ($3,465,566) and a decrease of 56% versus 2018 ($6,072,092). The Company intends to continue to manage its costs carefully and in an appropriate manner relative to industry conditions.

• Lossfortheyearwas$1,315,955 versusalossof$883,267 infiscal 2020.

• Loss of$0.02persharein2021, the same amount as in 2020 despite significantly lower revenue.

• Balance sheet remains strong with $1.5Mincash, $2.8Minaccountsreceivableandinventory.

Revenue continued to decrease in 2021 due to the impact of COVID-19 on customer orders and shipments. The Company continues to work hard to overcome these recent challenges and believes that its current strategic plan, together with a continued return towards pre-pandemic business conditions, will help position it for future growth.

Selected Financial Results - Past Four Fiscal Years Ended September 30

1. (1)AdjustedEBITDATariffAdjustedEBITDAarenon-IFRSmeasures.Pleasereferto“Non-IFRSMeasuresatendofthisrelease

Pioneering CEO Kevin Callahan said of the results, “The Company has felt the effects of COVID-19 over the past year and a half. During this time the Company has worked hard to cut costs substantially and has focused on building an aggressive plan for the future. The Company’s products are more relevant today than prior to the pandemic, but we have had to be patient. The pipeline remains strong and is growing. Despite the many obstacles we have had to deal with, we remain confident that the future remains very promising, and we are committed to making this a success for all stakeholders.”

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About Pioneering Technology Corp:Pioneering, based in Mississauga, Ontario is an "energy smart" technologycompanyandNorthAmerica'sleaderininnovativecookingfirepreventiontechnologiesandproducts.Ourmissionissimple: To help save lives and property from the number one cause of household fire – cooking fires. We do this byengineeringandbringingtomarketenergy-smartsolutionsthatmakeconsumerappliancessafer,smarter, andmoreefficient. Our patented cooking-fire prevention products address the multi-billion-dollar problem of cooking fires.According to the National Fire Protection Association, stovetop cooking is the number one cause of household fireandfireinjuriesinNorthAmerica.Pioneering’stemperaturelimitingcontrol(TLC)technologyisnowinstalledinover400,000multi-residentialhousingunitsacrossNorthAmericawithoutasinglecookingfire,deliveringpeace of mind and a solid return on investment for its customers. Pioneering’s proprietary cooking fire preventionsolutionsincludeSafe-T-element,SmartBurner,RangeMinder&Safe-T-sensorandaresuitableforthemajorityofthemore than 140 million stoves/ranges and over 140 million microwave ovens in use throughout North America. Formoreinfo, gotowww.pioneeringtech.com.

Formore informationpleasecontact:

Kevin Callahan

CEO

Phone: 647-945-7515

Email:kcallahan@pioneeringtech.com

ForwardLookingStatements

The statements made in this press release include forward-looking statements that involve a number of risks anduncertainties. These statements relate to future events or future performance and reflect management's currentexpectations and assumptions. A number of factors could cause actual events, performance or results to differmaterially from the events, performance and results discussed in the forward-looking statements, such as theeconomy,generally,competitioninPioneering’stargetmarkets,thedemandforPioneering’sproducts,theavailability of funding and the efficacy of Pioneering’s technology, governmental regulation and the impact of theCOVID-19 pandemic. These forward- looking statements are made as of the date hereof an, except as required byapplicable law, Pioneering does not assume any obligation to update or revise them to reflect new events orcircumstances.Actualeventsorresultscoulddiffermaterially fromPioneering’sexpectationsandprojections.

Non-IFRSMeasures

Adjusted EBITDA is a measure not recognized under International Financial Reporting Standards (“IFRS”). However,management of Pioneering believes that most shareholders, creditors, other stakeholders and investment analystsprefer to have these measures included as reported measures of operating performance, a proxy for cash flow, andtofacilitatevaluationanalysis.AdjustedEBITDAisdefinedasearningsbeforeinterestincome,taxes,depreciationandamortization,impairmentlosses,stock-basedcompensation,restructuringcostsincludedingeneralandadministration expense, fair value movement – derivative liability and other non-recurring gains or losses includingtransaction costs related to acquisition. Management believes Adjusted EBITDA is a useful measure that facilitatesperiod-to-periodoperatingcomparisons.AdjustedEBITDAdoesnothaveanystandardmeaningsprescribedbyIFRS

and therefore, may not be comparable to similar measures presented by other issuers. Readers are cautioned thatAdjustedEBITDAisnotanalternativetomeasuresdeterminedinaccordancewithIFRSandshouldnot,onitsown,beconstrued as indicators of performance, cash flow or profitability. References to the Pioneering’s Adjusted EBITDAshould be read in conjunction with the financial statements and management's discussion and analysis of PioneeringpostedonSEDAR(www.sedar.com).ForareconciliationofAdjustedEBITDAaspresentedbyPioneeringtonetincome,please refertoPioneering’smanagement’sdiscussion andanalysis.

TariffAdjustedEBITDA,definedasAdjustedEBITDAadjustedfortariffandtariffrelatedcosts,isusedbymanagementtomeasureoperatingperformanceoftheCompanyandisasupplementtoourunauditedcondensedinterimfinancialstatementspresentedinaccordancewithIFRS.TariffAdjustedEBITDAisahelpfulmeasureofoperatingperformance,similar to Adjusted EBITDA, enabling management and investors to gain a clearer understanding of the underlyingfinancial performance of the Company without the impact of U.S. Section 301 tariffs and related costs. WhilemanagementconsidersTariffAdjustedEBITDAameaningfulmeasureforassessingtheunderlyingfinancialperformance of the Company, Tariff Adjusted EBITDA is a non-IFRS measure and does not have a standardizedmeaningprescribedbyIFRSandthereforemaynotbecomparabletosimilarmeasurespresentedbyothercompanies.Readers are cautioned that Tariff Adjusted EBITDA is not an alternative to measures determined in accordance withIFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References tothePioneering’sTariffAdjustedEBITDAshouldbereadinconjunctionwiththefinancialstatementsandmanagement'sdiscussionandanalysisofPioneeringpostedonSEDAR(www.sedar.com).ForareconciliationofTariffAdjustedEBITDAaspresentedbyPioneeringtonetincome,pleaserefertoPioneering’smanagement’sdiscussionandanalysis.

Neither the TSXV nor its Regulation Services Provider (as that term is defined under the policies of the TSXV) acceptsresponsibilityfortheadequacyor accuracyofthisrelease.

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