CALGARY,
AB, Nov. 15, 2022 /PRNewswire/ - 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 DriversTM 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."
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 DriverTM) and stationary energy storage (Cell
DriverTM), 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-technologies-announces-resolution-to-its-patent-dispute-with-epropelled-301679096.html
SOURCE Exro Technologies Inc.