CALGARY, AB, Oct. 26, 2023 /CNW/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean-technology company that develops new generation power-control electronics that expand the capabilities of electric motors and batteries, today provided a Q4 2023 letter to shareholders.
Dear Exro Shareholders,
The transition to an electrified world is not a matter of "if", it's a matter of "when". Our technology is truly disruptive and acts as an accelerator to this new world by solving the total cost of ownership, performance, and return on investment for our customers. At Exro, we are significantly reshaping the way the world consumes energy, solving these key challenges slowing adoption.
We hear your frustration with respect to the recent share price weakness and share it as well. Since our start of production a month ago, we have witnessed an erosion of macro environment fundamentals contributing to this weakness. Recessionary fears, inflation, high interest rates, and ongoing geo-political developments, are dominating investment uncertainty in capital markets. Sometimes with a challenging market backdrop like this, it is difficult to see the progress being made behind closed doors. We would like to provide an update on ongoing activities inside our doors.
We continue to execute our strategy with customers while also taking prudent steps to manage costs to extend our cash runway. All customers' and projects remain on track and in good standing.
1. Initial Coil DriverTM customer vehicle integrations
2. European NDA partners
We understand the challenges with "NDA" partners, and that you want to know names. Believe me, we want nothing more than to disclose names of these major industry players. We continue to progress through milestones that lead to removing NDA's in the near term, just as we have done with others previously (Linamar and HB4 to name a few).
3. Linamar progress
4. Leading global automotive OEM innovation project
5. Wolong Electric motor pairing
6. Cell Driver™ progress
While there will be challenges ahead, we are determined to separate the signal from the noise and remain focused on building the most sustainable, and valuable, company possible on your behalf. We have the right technology, and the right team already scaled and in place to deliver. Our new generation of products are now in the market building on-road miles and set to capture market share in 2024 and beyond. We are actively marketing the Exro story to new investors in Canada, the US, and Europe having attended multiple investor conferences over the last several months. In November, we look forward to presenting at Deutsche Bank's 2023 AutoTech Conference on November 9th and National Banks 4th Annual Clean Tech Conference on November 22nd.
I end by referencing the 2023 Strategic Objectives outlined in our January Letter to Shareholders (LINK). While a few items are still progressing, year-to-date we have achieved the majority of our commitments and are determined to finish the year strong! Thank you for your ongoing support.
January 2023 newsletter objectives, and updates:
Sincerely,
Darrell Bishop
Chief Investment Officer
Sue Ozdemir
Chief Executive Officer
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.
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, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, 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.
Last Trade: | US$0.11 |
Daily Change: | -0.02 -15.79 |
Daily Volume: | 48,175 |
Market Cap: | US$55.660M |
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