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