Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean energy technology company that has developed new generation power control electronics that expand the capabilities of electric motors and batteries, today announced 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. According to the update, the parties have agreed that Exro’s Coil Drive System(TM) (“CDS”) and Coil Drivers(TM) do not infringe upon any claim of ePropelled’s U.S. Patent No. 7,382,103. As a result, the parties have stipulated to the dismissal of the lawsuit with prejudice. “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.”
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About Exro Technologies Inc.
Exro 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(TM)) and stationary energy storage (Cell Driver(TM)), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. For more information, visit the company’s website at www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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