- Exro webcast scheduled for October
7th to provide company updates and answer
questions. Links to join will be provided on company website prior
to the event.
- Exro remains confident in ability to deliver 2022 milestones
amid short-term delays with a few 2021 projects
- Exro will showcase the Coil Driver and BCS at upcoming industry
conferences and in demonstration vehicles
CALGARY, AB, Aug. 31, 2021 /PRNewswire/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a
leading clean technology company that has developed a new class of
power electronics for electric motors and batteries, is publishing
the following letter to shareholders sharing updates on the company
from its CEO.
Dear Fellow Shareholders,
Over the past year, our company has grown significantly: in
people, in technology and in facility size. I am now proudly
surrounded by over 60 employees, as we continue to recruit the best
people for new positions. Our future is bright, and none of this is
possible without your support. The team is dedicated to bringing
our technology to market and motivated to help build a sustainable
future. In our recent employee survey, 100% of our employees stated
that they would recommend Exro as a place to work. On behalf of all
our team, thank you for your continued support!
Following the announcement of our second quarter 2021 financial
results, we received positive responses from shareholders and
interest in hearing more regularly from us—and we're happy to
oblige. Exro is committed to delivering technology that can alter
electrification across the mobility industry, and we're working
diligently towards that goal. We're making a concerted effort to
improve our communications around projects and deliverables, and
for shareholders eager to hear our updates, we have a few new ways
to engage with us.
- Quarterly webcasts: Our team is putting together a
quarterly webcast program, where we'll provide company updates,
answer your questions, and provide more opportunities for you to
engage directly with Exro. Our first webcast is scheduled for
October 7th and we will
provide links on our website to ask questions and join the
webcast prior to the event. We will have lots to share, including
insight into our application validation process, so stay tuned for
those updates by subscribing to our emails.
- Event demonstrations: We are pleased to be able to
showcase our high- and low-voltage Exro Coil Driver™ and Battery
Control System ("BCS") at the Battery Show in Detroit, MI, from September 14-16, 2021. I am also personally very
excited to welcome you in joining me at the CES 2022 show in
Las Vegas, NV, in January where we
will launch some of our new Exro demonstration fleets—from an
all-terrain vehicle ("ATV") to a retrofitted HUMVEE to a custom
racing motorcycle. Our technology will be at those events for you
to see firsthand the Exro difference. We will take part in other
industry events across the US, and we will post these updates on
our website at exro.com/investors/events.
- Upcoming deliverables: The coming months will hold many
deliverables for our fantastic partners Potencia, LAND, Zero,
Aurora, HEINZMANN, Vicinity, SEA Electric and Linamar. All of these
remain active projects and we continue to work closely with our
partners to validate and deliver our Coil Driver™ for their
applications. At the same time, we continue to file new patents and
expand our product portfolio to ensure we have a sustainable
business. Our sales pipeline continues to grow, and we have been
working to standardize our products so that we can deliver to
customers faster in the future.
I would be remiss to not acknowledge the recent short-term
delays in a few of our 2021 project milestones. The project updates
for Zero, LAND, and Potencia are now expected in fourth quarter
2021. This is a normal part of taking new intellectual property
("IP") to market and our team remains confident in our ability to
work through these issues and deliver products to our customers.
We've been managing various supply chain delays and resource
allocation amid the pandemic while working to increase testing
capacity to streamline our processes. As recently presented in our
Management Discussion and Analysis ("MD&A"), our 2021
project milestone delays have not impacted our 2022 milestones,
those remain on track for our overall 2022 targets.
Seeing our company grow has been a phenomenal journey. The new
manufacturing facility in Calgary
is progressing as planned and we have established the team and
platform for our quality management process. Upon its completion in
early 2022, the facility will support our growing pipeline by being
able to deliver products that meet automotive standards, quality
standards and local regulations. Our Arizona facility has also commenced
construction. I was able to walk through the new location in Mesa
this week and am excited for our future USA headquarters. Some of our upcoming social
media communications will provide a virtual look into these
facilities as they progress, so be sure to follow us at
@exrotech.
Exro Technologies is bridging the gap to electrification. The
ability to optimize performance with innovative, cost-effective
controls can be a step change for the mobility industry. Thank you
all for your patience, your belief in Exro and your faith in
me.
We welcome all of our shareholders to enjoy the ride and behold
the future of Exro.
Regards,
Sue
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.
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.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.