U.S. Insurer is First to Offer Pioneering's Safe-T-element Technology as a Means of Reducing Cooking Fire Losses
September 22 2008 - 8:53AM
Marketwired
Pioneering Technology Corp. of Mississauga, Ontario (TSX VENTURE:
PTE), ("Pioneering") announced today that a U.S. distributor has
signed a contract with the Assisted Housing Risk Management
Association (AHRMA) for a new fire loss reduction initiative being
rolled out to its 165 Housing Authority Members with the purchase
of its first 2,000 Safe-T-elements (STE).
The initial order and ongoing relationship with the influential
housing association is significant for Pioneering Technology
because it represents the first major purchase by a housing
insurance provider and is expected to lead to many more such
contracts in the future.
"This is a bellwether moment for the STE technology as it is now
being recognized by the insurance industry as a product that can
deliver a reduction in cooking fire related property claims," said
Pioneering CEO, Kevin Callahan. "We are very pleased to be able to
make this product available to AHRMA through our Midwest
distribution partner Fireman 24/7 and we look forward to working
with them to help reduce AHRMA members insurance costs."
AHRMA specializes in understanding and dealing with the risks
faced by housing authorities and provides property and casualty
coverage for Public Housing Authorities in Iowa, Illinois and
Nebraska. It serves over 165 housing authority members representing
over 30,000 affordable housing and apartment units. AHRMA provides
a full line of products designed specifically for housing
authorities.
"The STE prevents cooking fires and reduces energy costs that
will save AHRMA, and ultimately our members, lots of money," said
AHRMA's CEO Julie DePasse. " We are pleased to be partnering with
Pioneering and Fireman 24/7 to offer our members an important new
product that will significantly reduce the risk of cooking fires as
well as false alarms at a greatly reduced cost!"
During the 2005-6 periods AHRMA members experienced about 40
fires per year with an average cost per fire that increased from
under $25,000 to about $40,000. Early in 2008 AHRMA members
experienced three fires with an approximate damage cost totaling
upwards of $800,000. To combat these rising costs, AHRMA is
embarking on an innovative new program that includes Pioneering's
Safe-T-elements to help better protect their member's constituents
and properties while bringing them added value through cost savings
and premium reductions.
AHRMA will purchase 2,000 Safe-T-element units and offer savings
to their members as a means of reducing cooking fires and insurance
premium costs with the added benefit of reduced energy costs at
less than half the list price of the product. It is anticipated
that AHRMA will make additional purchases going forward of
approximately 3-5,000 units per year as the program rolls out.
Pioneering CEO, Kevin Callahan said, "We applaud AHRMA's
initiative in bringing this potentially life-saving product to
their members. As leaders in the industry this is but one example
of the many innovative initiatives that they offer to their
membership."
About the Assisted Housing Risk Management Association
(AHRMA)
AHRMA has been in operation for over 20 years and was the first
not-for-profit housing authority risk pool in the United States.
The AHRMA staff specializes in the understanding and dealing with
the risks faced by housing authorities. AHRMA is regulated by the
U.S. Department of Housing and Urban Development (HUD). For more
information visit www.ahrma.com.
About Pioneering Technology Corp. & the Safe-T-element�
(STE) cooking system
Pioneering is an "Energy Smart" product innovation company based
in Mississauga, Ontario, that engineers and brings to market energy
smart solutions for consumer products making them safer, smarter
and/or more efficient. The patented Safe-T-element� cooking system
was engineered to help prevent stove top cooking fires, the number
one cause of household fire in North America, and to reduce the
amount of electricity required to cook. The Safe-T-element� cooking
system is available as both a retrofit and pre-installed on new
stoves. For more information visit www.pioneeringtech.com or
www.safetelement.com.
This news release contains certain forward-looking statements
that reflect the current views and/or expectations of the Company
with respect to its performance, business and future events. Such
statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary significantly.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release.
Contacts: Pioneering Technology Corp. Kevin R. Callahan
President and CEO (905) 712-2061 ext. 222 Website:
www.pioneeringtech.com
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