Exro Technologies Inc. would like to update its shareholders about its progress, including collaboration initiatives.
Vancouver, BC – February 28, 2018 – Exro Technologies Inc. (“Exro” or the "Company") (CSE:XRO)
Exro is continuing work to validate its technology specifically for a collaboration related to an electric generator application for a gas powered drone. Exro’s technical team has designed a test bench and is gathering data relevant to this effort. To date Exro has not reached conclusions with respect to efficiency gains in drone applications. The Company is also reviewing the data previously gathered from a wind prototype which the Company had built as part of the development process. The goal in coming weeks is to be able to provide both validated and replicable data.
Exro is also continuing its efforts on a motor application where, for the first time, it is designing the integration of the Exro technology into an electric motor. The first two motor applications Exro is focused on include an electric motor for a drone for a Fortune 50 company and a motor for an electric bike. In the latter case, the Company plans to also integrate its technology into the motor as if it were a generator, creating a Direct Power Management (DPM) enabled “reversible machine."
The Company is continuing to explore other potential collaborations.
Exro recently recruited another engineer which brings the full-time engineering head count to four, not including the continuing contributions of company founder Jonathan Ritchey.
The company continues to make forward progress, though the process of developing and validating test data has been more difficult and time-intensive than originally planned. Over the next several months, a key goal is to be able to provide validated test data that can be shared with potential customers. We will provide updates around key milestones as this work moves forward.
Exro Technologies offers the potential to accelerate the transition to clean energy by improving the efficiency and reliability of fuel-powered electric motors and generators, which make up about half the worldwide market for electric power. Exro’s patented Dynamic Power Management technology works on both input and output in electric motors and generators, dynamically sensing and adapting variable inputs and optimally matching them to desired outputs, resulting in specific, measurable (approximately 2-7% in benchmark testing to date) performance gains. The applications of the technology are enormous, applying both to energy capture from wind and tides, to optimizing the performance of electric cars, UAVs, pumps, ship drives, industrial motors, vacuums and anything else powered by an electric motor or generator. By isolating individual coils, Exro’s DPM technology also offers electrical system redundancy, which can prevent catastrophic failures for mission critical applications such as flight.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. 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.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Godsy, Director & CEO
INVESTOR CONTACT INFORMATION
Lyle McLennan: 604 808 9221