Calgary, Alberta (July 22, 2021) - 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, today announced the location of its U.S. headquarters in Mesa, Arizona. Exro plans to hire 50 employees over the next 18 months, bringing new job opportunities to the region and expanding the local e-mobility ecosystem. This news comes on the heels of Exro's graduation to the Toronto Stock Exchange and demonstrates the Company's continued growth and momentum.
Exro is optimizing the power within electric vehicles (EVs) of all types, from scooters and e-bikes to electric cars and buses. The company's advanced motor control technology, Coil Driver(TM), improves cost positioning and performance in electric motors. Arizona's long-standing automotive R&D infrastructure enables direct access to nearly every piece of the automotive supply chain and the state's favorable regulatory environment will accelerate Exro's mission to deliver Coil Driver(TM) technology to market. Arizona is a leading state for cutting-edge research and development in mobility technology, and its relatively calm winds and wide temperature range allows for more testing time on roads. Exro will leverage the state's optimal test locations, position as a national leader in EV manufacturing and competitive talent pipeline of some 120,000 workers to expand its operations and product offerings.
"The Greater Phoenix area was a natural choice for our U.S. home, and we're thrilled to become a part of the innovative business community," said Sue Ozdemir, CEO of Exro Technologies. "The region is ripe with potential manufacturing partners and suppliers, and its competitive talent pipeline will support our continued growth. Mayor Giles and the city of Mesa have welcomed our vision and we look forward to building on the city's enthusiasm for electric vehicles. There are a lot of electric vehicle owners in Arizona!"
"Exro Technologies made an excellent decision in choosing to locate its U.S. headquarters in the Mesa Gateway area," said Mesa Mayor John Giles. "The company's mission to optimize and increase the adoption of electric vehicles is in line with our city's goals to achieve carbon neutrality by 2050 and manage electric materials responsibly."
"Exro is doing ground-breaking work and is the type of technology company that propels our innovation-centered economy while bolstering the region's electric vehicle ecosystem," said Chris Camacho, president & CEO of the Greater Phoenix Economic Council. "We're excited to see another Canadian technology firm place investment in Mesa and look forward to being a partner in their continued growth and success."
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 atwww.exro.com.
Visit us on social media @exrotech.
Investor inquiries: email@example.com
Canada investors: Jake Bouma at 604-317-3936
United States investors: Vic Allgeier at 646-841-4220
Media inquiries: firstname.lastname@example.org
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.