VANCOUVER, B.C. (April 8, 2020) – Exro Technologies Inc. (CSE: XRO; OTCQB: EXROF) (the “Company”) is providing a Corporate update in a letter from the CEO to its shareholders.
Dear Fellow Shareholders:
This week marks six months as Exro's new CEO. These past few months have been exciting and rewarding as we have seen many developments as we execute in our commercialization phase. The team and I are very excited about our future, and I would like to thank you all for your continued support.
During the past months, I have had the pleasure of meeting many of you, our business partners, and key customers and getting to know our key employees. Also, I have spent time learning about our technology and how we move Exro to the next level.
As you all know, my commitment is to close 8 strategic partnerships by the end of 2020. We have four key projects ongoing at Exro.
These are four key partnerships as they demonstrate the scalability and versatility of the Exro technology. We are now working with bikes, cars, boats, and snowmobiles. The next four deals are on the horizon, and I am very confident that we will close all 8 deals this year. The team is working hard to ensure the agreements are strategic and the best fit for our resources and financing. There are ongoing discussions with customers small and large in a variety of mobility applications. We continue to evaluate customer provided data which helps us to determine the best fit for Exro and our partners. While there is no guarantee, I am very confident in the current stages of negotiation and to meeting our commitment to these eight deals.
We have also begun a robust rebranding program. I realize this comes on the heels of another rebrand as we moved from DPM (Dynamic Power Management) to ETR (Electronic Transmission) early in 2019. Still, it was a necessary strategic move to align us to the marketplace better.
We remain focused on the commercialization of our Patented Coil Switching Technology but are also continuing to innovate. Our technology roadmap continues to evolve; here are some highlights:
Lots is going on; we are listening to the feedback of our partnerships. The basis of our roadmap and our branding reflects our alignment with the market. I assure each and everyone one of you that we are committed to the commercialization of our products that will bring future revenue for the business.
Our Calgary Innovation Center remains on schedule, and I cannot wait to host you all there. We will continue the transition of our Victoria lab, which will continue to operate until the fall of this year—enabling us to execute on our current and upcoming projects while preparing for the growth ahead of us.
Today’s environment is unprecedented, and I remain focused on the health and well being of our employees and their families. We have taken many precautions, and while there are some delays, we do not see any risks to existing or upcoming projects. Our bank account is strong, and we are financially prudent with our spending to best execute the business strategy. While this is a turbulent market, I am not shaken and remain very committed and optimistic about the future of Exro.
I am very proud to serve as Exro's CEO. As both the CEO and as a shareholder, I am here to continue building Exro and our future value.
About Exro Technologies Inc.
Exro facilitates the transition to clean energy by providing products and services to manufacturers to increase the efficiency and reliability of power systems, including electric motors, generators and batteries. Exro's patented technology enhances energy systems by dynamically sensing and adapting variable inputs and optimally matching them to desired outputs, creating measurable performance gains and extended lifespan. The widespread applications of the technology apply to optimizing the performance of electric vehicles, UAVs, and ship drives, as well as pumps, industrial motors, and energy capture from wind and tides.
Canada: Jake Bouma
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United States: Vic Allgeier
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Forward Looking Statements
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “believe”, "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company’s intention to commercialize its product in the near term. Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not assume any obligation to update these forward-looking statements, except as required by law.
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