- Exro recognizes the importance of intellectual property,
actively protects its own IP and respects other companies' valid IP
rights.
- Exro takes exception to ePropelled Inc.'s unmerited patent
infringement lawsuit and its inaccurate statement that Exro did not
respond to ePropelled's inquiry to Exro concerning ePropelled's
patent.
- Exro will investigate the allegations set forth in the
complaint, and vigorously defend its technology.
CALGARY, AB, Jan. 25, 2022 /CNW/ – 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, is issuing the
following statement in response to the press release issued by
ePropelled Inc. on January 24, 2022,
concerning a patent infringement lawsuit it filed against the
Company on January 21, 2022.
As a technology company, Exro recognizes the importance of
intellectual property ("IP"), and actively strives to protect and
maintain its IP rights, which includes securing patents covering
its technology both in the United
States and internationally. Exro also steadfastly respects
other companies' valid IP rights.
Contrary to allegations made by ePropelled, Exro diligently
investigated and promptly responded to ePropelled's inquiry. Based
on Exro's response, ePropelled clarified that it was not accusing
Exro of infringement and stated that it had not conducted an
infringement analysis. ePropelled made no further communication
with Exro prior to filing suit.
"Not only does Exro respect other companies' intellectual
property rights, but we are also incredibly confident in our
ability to defend our technology," said Exro CEO Sue Ozdemir. "While we are disappointed in both
the unmerited patent infringement lawsuit and the false claims made
by ePropelled, we are thankful for the support we have received
from the Exro community. We will continue focusing on our business
strategy that demonstrates how Exro's ability to continuously
innovate will solidify its position in the electric mobility
market.
As it did in response to ePropelled's inquiry, Exro will
investigate the allegations set forth in the complaint, and
vigorously defend its technology.
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 at www.exro.com.
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, 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.
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SOURCE Exro Technologies Inc.