Proactive Investors - Run By Investors For Investors

Pioneering Technology achieves insurance breakthrough

According to the National Fire Protection Association, stove-top cooking is the number one cause of household fire and fire injuries in North America
Out of the frying pan
The company is North America's leader in innovative cooking fire prevention technologies.

Pioneering Technology Corp. (CVE:PTE) shares rose before the mid-session on Wednesday as the company reported the MiddleOak insurance carrier is extending its fire safety discount of 7% on insurance premiums to all policyholders who have a SmartBurner installed on their property.

MiddleOak is the trade name for the Holyoke Mutual Insurance Company and Middlesex Mutual Assurance Company, and specialising in multi-family insurance for apartments and community associations across the country.

It has recognised the safety benefits of SmartBurner, which uses Pioneering Technology’s patented temperature limiting control technology.

According to the National Fire Protection Association, stove-top cooking is the number one cause of household fire and fire injuries in North America, and the problem seems to be getting worse; 48% of all household fires in North America are now caused by careless cooks, up from 20% in 1980.

"This is a significant development recognising the impact our cooking fire prevention technologies are having in helping prevent cooking fires, save lives, prevent injuries, and save money," said Kevin Callahan, the chief executive officer of Pioneering Technology.

"We have many partnerships with insurance brokers and underwriters, but MiddleOak is the first insurance carrier to offer a premium discount that rewards policyholders for installing the SmartBurner product – it is a win, win for all," Callahan said.

Pioneering's temperature limiting control technology is now installed in well over 150,000 multi-residential housing units across North America without a single cooking fire being reported, thus delivering a return on investment for its customers. 


Pioneering shares jumped 10.39% before the mid-session on Wednesday, at C$0.42.

View full PTE profile View Profile

Pioneering Technology Corporation Timeline

Related Articles

Hundred dollar bills float through air, signalling affluence of Animoca's partnerships
April 23 2019
Animoca Brands is a rapidly growing games company always on the move and seeking new growth opportunities.
May 29 2019
"We aim to continue to improve the group's profitability and manage a regular and growing dividend stream for the benefit of our shareholders," said CEO Brian Raven
Mergers and acquisitions graphic
January 16 2019
Swift’s investors will vote on its planned acquisition of ad specialist Medical Media.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use