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Exro Technologies issues integrity statement from its chief executive officer after report of short-seller attack

Published: 07:40 03 Mar 2021 EST

Exro Technologies -
The Exro CEO said the "report was full of inaccuracies, innuendos, and outright distortions in what appears to be a short-seller attack"

Exro Technologies Inc. (CVE:EXRO) (OTCMKTS:EXROF), a leading clean technology company, issued an integrity statement from its chief executive officer, Sue Ozdemir after the markets close on Tuesday following a volatile trading session for the company's stock. 

She said: "This morning we have seen our company stock react to a report that was in no way affiliated with Exro or its management team. This report was full of inaccuracies, innuendos, and outright distortions in what appears to be a short-seller attack on the company. It is unfortunate that this attack is to the detriment of our valued partners and shareholders who have stood beside us on our growth plan."

READ: Exro Technologies bolsters partnership with SEA Electric to advance its battery control system

Ozdemir continued: "We will not take this report lightly and will be preparing a detailed response in the next 48 hours against these claims to highlight this cynical attempt to hurt a real and thriving company, its shareholders and the integrity of the market.

"I want to personally reassure our valued partners and shareholders that we continue to maintain the highest degree of integrity at Exro and embed it within our company culture. We remain very confident about our patented technology, our business plan and organizational design, and the value of the products we can bring to market."

She concluded: "My commitment and belief in Exro are unshaken. I stand by the company and my entire career is a representation of my focus to building real business value and executing on deliverables to the market. We are well-positioned, with working capital to execute on our milestones and become a leader in power electronics technology."

Exro Technologies is pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. The company has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries.

Exro's advanced motor control technology, the Coil Driver, expands the capabilities of powertrains by enabling two separate torque profiles within a given motor. It is a major advancement in the sector, dynamic motor configuration enables efficiency optimization for each operating mode resulting in reduction of energy consumption. The controller automatically selects the appropriate configuration in real-time so that power and efficiency are intelligently optimized.

Contact the author at jon.hopkins@proactiveinvestors.com

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