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Exro LiveStream at EVS on 8/17/2022 at 12:OO PM EST
CALGARY, Alberta (November 15, 2022) – Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the "Company" or "Exro") a leading clean energy technology company that has developed new generation power control electronics that expand the capabilities of electric motors and batteries, is pleased to announce that it has resolved its dispute with ePropelled, Inc. relating to the patent infringement lawsuit that ePropelled filed against Exro in the U.S. District Court for the District of Massachusetts.
The parties have agreed that Exro’s Coil Drive System™ (CDS) and Coil Drivers™ do not infringe upon any claim of ePropelled’s U.S. Patent No. 7,382,103 (“the ’103 patent”). As a result, the parties have stipulated to the dismissal of the lawsuit with prejudice. The parties have also stipulated to the dismissal of the defamation suit Exro filed against ePropelled in the Superior Court of Massachusetts, and the parties have agreed to file a joint motion to withdraw the Petition for Inter Partes Review Exro had filed with the United States Patent and Trademark Office challenging the validity of the ’103 patent.
“From the onset of this infringement case against Exro earlier this year, we remained steadfast in our message: that we respect the intellectual property of others, and that we will rigorously defend Exro’s proprietary technology”, said Exro CEO Sue Ozdemir. “We appreciate that the litigation process of this case has had a negative impact on our stock price. Consequently, we are very pleased that the infringement case has resulted in confirmation that we are not infringing on ePropelled’s patent, resolving this matter without monetary settlement of any kind. We look forward to putting this matter behind us and remaining focused on the key deliverables in the months ahead: delivery of pilots to customers in Q4/22, development sample deliveries to customers in Q1/23, UL certification for our energy storage system in Q2/23, the start of series production manufacturing in Q3 2023, and new partnership/customer announcements along the way.”
Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at www.exro.com/investors
Visit us on social media @exrotech.
Investor inquiries: ir@exro.com
Canada investors: Jake Bouma at 604-317-3936
United States investors: Vic Allgeier at 646-841-4220
Media inquiries: media@exro.com
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, 2021, and financial statements and related MD&A for the financial year ended December 31, 2021, 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.
