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Calgary, Alberta (August 19,2021) – Exro Technologies Inc. (TSX:EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean technology company that has developed anew class of power electronics for electric motors and batteries, is pleased to announce that Alan Gaines, an accomplished and respected leader in finance and clean energy, has joined the Exro Board of Directors (“Board”). Gaines will provide direction as Exro expands its product portfolio and continues to mature as a company publicly listed on the Toronto Stock Exchange (“TSX”).
Gaines will replace Daniel McGahn, who has resigned from the Company’s Board for personal reasons. McGahn has served as a member of the Exro Board since January 2017. “Exro would like to thank Dan for his many years of guidance and contribution to Exro’s growth and wish him all the best in his personal and professional endeavours,” said Sue Ozdemir, Chief Executive Officer of Exro.
Gaines is a globally respected and highly experienced investment banker/advisor and entrepreneur. He presently serves as Chairman and CEO of ALG Corp. Gaines specializes in large-scale capital formation, uplisting companies to NASDAQ and the New York Stock Exchange, M&A, corporate development, and board protocol and corporate governance. Gaines has more than 35 years of experience as a transactional investment banker and M&A advisor, having led or participated in the raising of debt and equity totaling significantly more than $100 billion.
Gaines is also active within the clean tech sector, including renewable/sustainable energy, traditional fossil fuels, electric vehicle and battery technology, energy storage and infrastructure, and metals/minerals primary extraction spaces. He is a Director of Auto Innovation Group, Ltd. and David Brown Automotive, Ltd., both based in the United Kingdom. Gaines was appointed Chairman of the Board of Vision Marine Technologies (NASDAQ-VMAR) in May 2021, a global scaled producer of proprietary electric powertrains and e-boats for the legacy recreational powerboat market. Gaines brings deep financial and industry experience to Exro that will support its future growth strategy.
“I am thrilled to join the Board of Directors and the superior management team at Exro”, said Gaines. “I’ve been a champion of clean technology and its impact on the transportation industry for many years, and I foresee a great opportunity for Exro to help bring electric vehicles into the mainstream. I believe my financial acumen will further enable Exro to continue its rapid growth trajectory and capitalize on a booming market landscape.”
“As we continue to grow our business and expand our offerings in the clean tech market, I’m very excited to have Gaines join us with his financial expertise,” commented Ozdemir. “I’m confident his insight will help us accelerate the impact of Exro’s technology as countries announce more ambitious electric vehicle targets on a global scale."
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed.
Exro’s advanced motor control technology, the Coil DriverTM, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond.
For more information visit our website at www.exro.com.
Visit us on social media @exrotech.
Investor inquiries: email@example.com
Canada investors: Jake Bouma at 604-317-3936
United States investors: Vic Allgeier at 646-841-4220
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CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects”, "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form for the financial year ended December 31,2020, and financial statements and related MD&A for the financial year ended December 31, 2020, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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