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VANCOUVER, B.C. – September 25, 2018 Exro Technologies Inc. (CSE: XRO; OTCQB: EXROF) (“Exro”) announced today that further to the Company’s news release issued August 29, 2018, it has completed the acquisition of Adaptive Generators AS (“Adaptive”). Combining the resources, knowledge and technologies of both companies expands our value proposition as Exro nears commercialization of its unique approach to energy conversion. Further, the intellectual property portfolio is also strengthened with this acquisition and we will continue to pursue new patent opportunities moving forward.
“This is an exciting milestone for us at this point in our development. We believe the synergistic characteristics of our technologies will create incredible opportunities as we move forward with our strategic partners” said Exro CEO, Mark Godsy.
Kent Thoresen the founder of Adaptive will join Exro’s management team, leading European business development. Mr. Thoresen commented: “I am very pleased to be joining forces with Exro. I believe the combination of our technologies and team will enable us to both develop new products and business opportunities for the energy conversion market.”
Under the terms of the acquisition, Adaptive becomes a wholly-owned subsidiary company of Exro. Details and terms related to this acquisition are highlighted in the news release dated August 29, 2018.
Adaptive is a privately-owned Norwegian company that has developed a patented technology for use in programmable, fault-tolerant generators, motors and battery systems. This technology is bi-directional for use in standalone or combined motor-generator-battery-grid applications.
Exro offers the potential to accelerate the transition to clean energy by intelligently managing the efficiency and reliability of various power systems, including fuel-powered electric motors and generators, variable renewable energy sources, and energy storage in various applications such as EV and grid connected storage, which make up about half the worldwide market for electric power.
Exro’s patented coil technology works for various energy systems, dynamically adapting input and output with the goal of achieving specific, measurable performance gains in applications ranging from electric cars, UAVs, pumps, ship drives, grid storage, industrial motors, vacuums and all other applications that require smart energy conversion. Please visit our website at www.exro.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Godsy, Director & CEO
INVESTOR CONTACT INFORMATION
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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.