Pioneering Technology Reports 2022 Q1 Financial Results

(TheNewswire)

Mississauga, ON – TheNewswire - March 1, 2022 – Pioneering Technology Corp. (TSXV:PTE) (“Pioneering” or the “Company”), a technology company and North America’s leader in cooking fire prevention technology and products reports itsunauditedfinancialresults for the first quarter ended December 31, 2021. Pioneering’s unaudited condensed interim financial statements and MD&A are available on SEDAR(www.sedar.com).

FinancialHighlights:

• RevenueinQ1 was$465,785versus$1,106,079 for the same period year ago.TheCompany’srevenuehasbeenprimarily affectedbytheimpactof COVID-19 and variantssince Q3of fiscal2020.

• Gross margin in Q1 improved significantly to 53% versus 39% in Q1 2020. The Company has worked over thepast year to improve gross margins related to cost increases and U.S. tariffs.

• ExpensesinQ1were($479,963),adecreaseof56%versusQ1/20($1,082,463). The Company intends to continue to manage its costs carefully and in anappropriatemannerrelativetoindustryconditions.

• Net loss for the quarter was $252,822 versusalossof$673,435 inQ12020.

• Balancesheetremainsstrongwith$1.1Mincash,$3.0Minaccountsreceivablesandinventory.

Revenue in Q1 was up versus Q4 2021 but remains well below pre-COVID results due primarily to the impact the pandemic has had on timing of 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 (see the Company’s MD&A for more information).

Selected Financial Highlights for the First Quarter ended December 31, 2021 and 2020

¹ AdjustedEBITDA&Tariff AdjustedEBITDAarenon-IFRSmeasures and may not be comparable to similar financial measures disclosed by other issuers.Pleasereferto“Non-IFRSMeasures”atendofthispressrelease.

Pioneering CEO Kevin Callahan said of the results, “The Company continues to work hard managing product margins and expenses as it focuses on building a plan for the future. The Company’s products are more relevant today than prior to the pandemic given the increase in cooking fires as a result of people spending more time cooking from home. Our sales 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 our business successful for all stakeholders.”

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About Pioneering Technology Corp:Pioneering, based in Mississauga, Ontario is an "energy smart" technologycompanyandNorthAmerica'sleaderininnovativecookingfirepreventiontechnologiesandproducts.Ourmissionis simple: To help save lives and property from the number one cause of household fire – cooking fires. We do thisby engineering and bringing to market energy-smart solutions that make consumer appliances safer, smarter, andmore efficient. Our patented cooking-fire prevention products address the multi-billion-dollar problem of cookingfires.AccordingtotheNationalFireProtectionAssociation,stovetopcookingisthenumberonecauseofhouseholdfireandfireinjuriesinNorthAmerica.Pioneering’stemperaturelimitingcontrol(TLC)technologyisnowinstalled in over400,000 multi-residential housing units across North America withouta single cooking fire,delivering peace of mind and a solid return on investment for its customers. Pioneering’s proprietary cooking fireprevention solutions include Safe-T-element, SmartBurner, RangeMinder & Safe-T-sensor and are suitable for themajority of the more than 140 million stoves/ranges and over 140 million microwave ovens in use throughoutNorthAmerica. Formoreinfo, gotowww.pioneeringtech.com.

Formoreinformationpleasecontact:

Kevin Callahan

CEO

Phone:647-945-7515

Email:kcallahan@pioneeringtech.com

ForwardLookingStatements

Thestatementsmadeinthispressreleaseincludeforward-lookingstatementsthatinvolveanumberofrisksand uncertainties. These statements relate to future events or future performance and reflect management'scurrent expectations and assumptions. A number of factors could cause actual events, performance or results todiffer materially from the events, performance and results discussed in the forward-looking statements, such asthe economy, generally, competition in Pioneering’s target markets, the demand for Pioneering’s products, theavailabilityoffundingandtheefficacyofPioneering’stechnology,governmentalregulationandtheimpactofthe COVID-19 pandemic. These forward- looking statements are made as of the date hereof an, except asrequired by applicable law, Pioneering does not assume any obligation to update or revise them to reflect newevents or circumstances. Actual events or results could differ materially from Pioneering’s expectations andprojections.

Non-IFRSMeasures

AdjustedEBITDAisameasurenotrecognizedunderInternationalFinancialReportingStandards(“IFRS”).However,managementofPioneeringbelievesthatmostshareholders,creditors,otherstakeholdersandinvestment analysts prefer to have these measures included as reported measures of operating performance, aproxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interestincome, taxes, depreciation and amortization, impairment losses, stock-based compensation, restructuring costsincluded in general and administration expense, fair value movement – derivative liability and other non-recurringgains orlosses includingtransaction costs related to acquisition. Managementbelieves Adjusted EBITDA is auseful measure that facilitates period-to-periodoperating comparisons.Adjusted EBITDAdoes nothave anystandardmeaningsprescribedbyIFRS

and therefore, may not be comparable to similar measures presented by other issuers. Readers are cautioned thatAdjustedEBITDAisnot analternativetomeasuresdeterminedinaccordancewithIFRSandshouldnot,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’sdiscussionandanalysis.

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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