Exro Releases Q1 2023 Letter to Shareholders

Rhea-AI Summary

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) has released its Q1 2023 letter to shareholders, detailing significant advancements in commercialization ahead of series production of its Coil Driver™ and Cell Driver™ products, expected to commence in Q3 2023. The company announced new commercial agreements, product updates, and outlined goals for the upcoming year. Exro aims to enhance electric vehicle and energy storage technologies, contributing to a more efficient energy ecosystem.

Positive

• Advancements in commercialization efforts for Coil Driver™ and Cell Driver™.
• Series production set to begin in Q3 2023.
• New commercial agreements and partnerships established.

Negative

• None.

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CALGARY, AB, Jan. 17, 2023 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro") a leading clean technology company that has developed new generation power electronics that expand the capabilities of motors in electric vehicles and batteries in stationary energy storage, is pleased to announce the release of a Q1 2023 letter to shareholders.

Since Exro's last Shareholder 'Live' Webcast on November 30, 2022, the company has made significant progress advancing commercialization efforts in preparation to begin series production of its Coil Driver^™ and Cell Driver^™ products in Q3 2023 and a significant ramp up of revenues. The letter to shareholders outlines achievements made over the last six weeks, including new commercial agreements and partnerships, product and company updates, and the focus and goals for the upcoming year.

https://links.exro.com/exro-shareholder-letter-Q1-2023

About Exro Technologies Inc.

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.

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, 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/exro-releases-q1-2023-letter-to-shareholders-301723175.html

SOURCE Exro Technologies Inc.

FAQ

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What are the key highlights from Exro Technologies' Q1 2023 letter to shareholders?

Exro Technologies announced advancements in commercialization, new commercial agreements, and a production timeline for its Coil Driver™ and Cell Driver™ products, with series production expected in Q3 2023.

When is Exro Technologies expected to begin series production of its products?

Exro Technologies plans to begin series production of its Coil Driver™ and Cell Driver™ products in Q3 2023.

What is the significance of the new agreements mentioned in Exro's Q1 2023 update?

The new commercial agreements signify progress in Exro's efforts to expand its market presence and enhance its product offerings, supporting its growth in the electric vehicle and energy storage sectors.

How does Exro Technologies aim to impact the clean technology sector?

Exro Technologies focuses on developing power control electronics that optimize electric motors and batteries, aiming to accelerate the transition to a circular electrified economy.