Calgary, Alberta (September 21, 2020) – Exro Technologies Inc. (CSE: XRO; OTCQB: EXROF) (the “Company”), a leading technology company which has developed a new class of power electronics for powertrains, is pleased to announce it has been accepted for listing on the TSX Venture Exchange (the “TSXV”), and its common shares will commence trading on Tuesday September 22, 2020, on the TSXV under the symbol “EXRO”.
“The listing of our common stock on the TSX Venture Exchange is an important milestone for Exro”, commented Sue Ozdemir, Chief Executive Officer of Exro. “Over the last 12 months we have become a market leader in advanced power electronics within the mobility industries. We have consistently executed on the commercialization strategy we had set for 2020 to demonstrate how our Coil Driver technology can make electric motors faster, stronger, and smarter. Our financial position is strong, we have made significant investments and our team is motivated to bring Exro technology to the global marketplace. To commence trading on Canada’s leading exchange is an achievement we are incredibly grateful for and we believe will continue to add value to our stakeholders as our business continues to grow.”
About Exro Technologies Inc.
Exro is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro’s advanced motor control technology, our “Coil Driver”, expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real time so that torque demand and efficiency are optimized.
The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors, or implementing heavy mechanical geared solutions. Exro offers a new solution for system optimization through implementation of its technology which can yield the following results: increased drive cycle efficiency, reduced system volume, reduced weight, expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed.
For more information visit our website at www.exro.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sue Ozdemir, Chief Executive Officer
Canada: Jake Bouma
VP of Investor Relations
United States: Vic Allgeier
TTC Group Inc.
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.
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