Exro Response to Patent Infringement Lawsuit
Exro Technologies (TSX: EXRO) (OTCQB: EXROF) has responded to a patent infringement lawsuit filed by ePropelled Inc. on January 21, 2022, in Massachusetts. The company asserts that the lawsuit is without merit and is prepared to defend itself vigorously. Legal counsel has already been engaged to address the claims. Exro is a clean technology firm focused on innovative control solutions for electric motors and batteries, aiming to enhance energy efficiency in electrification.
- Exro believes the patent infringement claim is without merit, showing confidence in their position.
- The company has engaged legal counsel, indicating a proactive approach to defending its intellectual property.
- The patent infringement lawsuit could divert resources and attention away from core business operations.
- Potential legal costs associated with defending against the lawsuit may impact financial performance.
CALGARY, AB, Jan. 24, 2022 /PRNewswire/ - 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 patent infringement lawsuit filed on January 21, 2022, by ePropelled Inc.:
Exro is aware that ePropelled Inc. has filed a patent infringement lawsuit against the Company in the US District for the District of Massachusetts. The Company believes the claim to be without merit and will defend itself vigorously. Legal counsel has been engaged.
Any investor inquiries should be directed to ir@exro.com.
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/exro-response-to-patent-infringement-lawsuit-301466813.html
SOURCE Exro Technologies Inc.
FAQ
What is the recent legal issue involving Exro Technologies?
How is Exro Technologies responding to the lawsuit?
What are the stock symbols for Exro Technologies?
When was the lawsuit filed against Exro Technologies?
