{"id":390108,"date":"2020-11-30T19:42:05","date_gmt":"2020-12-01T00:42:05","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=390108"},"modified":"2020-11-30T19:42:05","modified_gmt":"2020-12-01T00:42:05","slug":"exro-technologies-announces-2020-third-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/","title":{"rendered":"Exro Technologies Announces 2020 Third Quarter Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<ul type=\"disc\">\n<li>Successfully closed in July its marketed short form prospectus offering for gross proceeds of Cdn <span class=\"xn-money\">$8,000,000<\/span><\/li>\n<li>Added two new partnerships including SEA Electric Pty Ltd. (&#8220;SEA Electric&#8221;) and Heinzmann GMBH &amp; Co. KG (&#8220;Heinzmann&#8221;) <\/li>\n<li>Listed on the TSX Venture Exchange and started trading under the symbol &#8220;EXRO&#8221; <\/li>\n<li>Motorino testing results confirmed the performance increase of the Exro-enhanced electric bike<\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">CALGARY, AB<\/span>, <span class=\"xn-chron\">Nov. 30, 2020<\/span> \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO)\u00a0(the &#8220;Company&#8221; or &#8220;Exro&#8221;), a leading clean technology company which has developed a new class of power electronics for electric motors and powertrains, is pleased to announce its third quarter 2020 financial results for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1345248\/Exro_Technologies_Inc__Exro_Technologies_Announces_2020_Third_Qu.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1345248\/Exro_Technologies_Inc__Exro_Technologies_Announces_2020_Third_Qu.jpg\" title=\"Exro Technologies Inc. Logo (CNW Group\/Exro Technologies Inc.)\" alt=\"Exro Technologies Inc. Logo (CNW Group\/Exro Technologies Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>&#8220;The third quarter was an eventful period as we achieved several key milestones. First and foremost, we successfully closed in July the short form prospectus offering of Cdn <span class=\"xn-money\">$8,000,000<\/span> at a price of <span class=\"xn-money\">$0.70<\/span> per unit, pursuant to which the Company issued 11,428,571 units. The net proceeds from this offering will enable us to do further research and development of the coil switching technology for commercialization in the mobility segment including micro, light and commercial electric vehicle programs plus capital investment in support of our Innovation Center buildout.&#8221; Commented Chief Finance Officer, <span class=\"xn-person\">John Meekison<\/span>.<\/p>\n<p>&#8220;On the commercialization front, Exro added two new key partnerships in Q3 with SEA Electric and Heinzmann. Also, Motorino testing results came back showing that the Exro-enhanced electric bike increased its performance by more than 20 per cent, and up to 50 per cent in climbing conditions. We will start negotiations on commercial product availability for 2021.&#8221; said Chief Executive Officer, <span class=\"xn-person\">Sue Ozdemir<\/span>.<\/p>\n<p>On <span class=\"xn-chron\">September 22, 2020<\/span>, Exro was listed in the TSX Venture Exchange (&#8220;TSXV&#8221;) and its shares began trading under the symbol &#8220;EXRO&#8221;. &#8220;The listing of our common stock on the TSXV is an important milestone for Exro. We believe this listing will further enhance the visibility and liquidity of our shares as we continue to build value for our stakeholders as our business continues to grow.&#8221; said <span class=\"xn-person\">Sue Ozdemir<\/span>.<\/p>\n<p>\n        <b>F<\/b><br \/>\n        <b>INANCIAL<\/b><br \/>\n        <b>\u00a0H<\/b><br \/>\n        <b>IGHLIGHTS<\/b>\n      <\/p>\n<p>For the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, compared to the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>, the Corporation reported a comprehensive loss of <span class=\"xn-money\">$2,989,747<\/span> (2019 \u2013 <span class=\"xn-money\">$1,131,431<\/span>). Further highlights are as follows:<\/p>\n<ul type=\"disc\">\n<li>Professional fees increased from <span class=\"xn-money\">$97,685<\/span> to <span class=\"xn-money\">$143,869<\/span> during the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>. <\/li>\n<li>Share based payments expense was <span class=\"xn-money\">$1,034,324<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span> (2019 \u2013 <span class=\"xn-money\">$90,021<\/span>). <\/li>\n<li>Investor relations expense of <span class=\"xn-money\">$200,157<\/span> (2019 \u2013 <span class=\"xn-money\">$158<\/span>). <\/li>\n<li>Regulatory fees of <span class=\"xn-money\">$65,845<\/span> (2019 \u2013 <span class=\"xn-money\">$23,563<\/span>) an increase of <span class=\"xn-money\">$42,282<\/span> were incurred during the quarter ended <span class=\"xn-chron\">September 30, 2020<\/span>. <\/li>\n<li>Payroll and consulting fees increased by <span class=\"xn-money\">$535,490<\/span> from <span class=\"xn-money\">$449,210<\/span> to <span class=\"xn-money\">$984,700<\/span>. <\/li>\n<li>Research and development of <span class=\"xn-money\">$241,023<\/span> (2019 &#8211; <span class=\"xn-money\">$174,747<\/span>) an increase of 66,276. <\/li>\n<li>Marketing expense of <span class=\"xn-money\">$53,180<\/span> (2019 &#8211; <span class=\"xn-money\">$60,245<\/span>) decreased of 7,065 and travel expense of <span class=\"xn-money\">$20,268<\/span> (2019 \u2013 <span class=\"xn-money\">$49,160<\/span>) a decrease of 28,892. <\/li>\n<li>Office and rent <span class=\"xn-money\">$247,306<\/span> (2019 &#8211; <span class=\"xn-money\">$160,950<\/span>) an increase of <span class=\"xn-money\">$86,356<\/span>.<\/li>\n<\/ul>\n<p>For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> compared to the six months ended <span class=\"xn-chron\">September 30, 2019<\/span>, the Corporation reported a comprehensive loss of <span class=\"xn-money\">$6,761,198<\/span> (2019 \u2013 <span class=\"xn-money\">$3,156,993<\/span>).<\/p>\n<ul type=\"disc\">\n<li>Professional fees increased to <span class=\"xn-money\">$366,170<\/span> during the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> compared from <span class=\"xn-money\">$215,802<\/span> during the corresponding period in 2019. <\/li>\n<li>Share based payments expense was <span class=\"xn-money\">$1,355,637<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> (2019 \u2013 <span class=\"xn-money\">$291,580<\/span>). <\/li>\n<li>Investor relations expense of <span class=\"xn-money\">$390,151<\/span> (2019 \u2013 <span class=\"xn-money\">$32,451<\/span>) an increase of <span class=\"xn-money\">$357,700<\/span>. <\/li>\n<li>Regulatory fees of <span class=\"xn-money\">$149,899<\/span> (2019 \u2013 <span class=\"xn-money\">$78,191<\/span>) an increase of <span class=\"xn-money\">$71,708<\/span> were incurred during the quarter ended <span class=\"xn-chron\">September 30, 2020<\/span>. <\/li>\n<li>Payroll and consulting fees increased by <span class=\"xn-money\">$1,186,403<\/span> from <span class=\"xn-money\">$1,388,902<\/span> to <span class=\"xn-money\">$2,575,305<\/span>. <\/li>\n<li>Research and development of <span class=\"xn-money\">$717,035<\/span> (2019 &#8211; <span class=\"xn-money\">$441,403<\/span>) was incurred during the period which represents mainly materials used for development of its technology. <\/li>\n<li>Marketing expense of <span class=\"xn-money\">$180,200<\/span> (2019 &#8211; <span class=\"xn-money\">$181,960<\/span>) decreased and travel expense of <span class=\"xn-money\">$95,541<\/span> (2019 \u2013 <span class=\"xn-money\">$160,267<\/span>). <\/li>\n<li>Office and rent <span class=\"xn-money\">$705,485<\/span> (2019 &#8211; <span class=\"xn-money\">$296,468<\/span>) an increase of <span class=\"xn-money\">$409,017<\/span>.<\/li>\n<\/ul>\n<p>\n        <b>OPERATING HIGHLIGHTS<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">July 10, 2020<\/span>, the Company completed a short form prospectus offering of 11,428,571 units at a price of <span class=\"xn-money\">$0.70<\/span> per unit for gross proceeds of <span class=\"xn-money\">$8,000,000<\/span>. Each unit consisted of one common share and one-half share purchase warrant. Each whole warrant is exercisable into one common shares at a price of <span class=\"xn-money\">$0.90<\/span> for a period of 24 months from the date of issuance. In connection with the share offering, the Corporation incurred share issuance costs of <span class=\"xn-money\">$640,000<\/span> in fees paid in cash, issued 571,428 common shares, and 914,285 broker warrants exercisable at <span class=\"xn-money\">$0.70<\/span> per common share for a period of 24 months from the date of issuance.<\/p>\n<p>On <span class=\"xn-chron\">July 15<\/span>, 2020,\u00a0the Company announced that it is partnering with <span class=\"xn-location\">Australia&#8217;s<\/span> SEA Electric to enhance electric powertrain technology for heavy duty trucks and delivery vehicles. Recognized as a global leader in the electrification of commercial vehicles, SEA Electric and Exro will co-develop and test powertrains based on Exro&#8217;s Coil Driver and the SEA-Drive technologies.<\/p>\n<p>On <span class=\"xn-chron\">September 22, 2020<\/span>, the Company was listed in the TSX Venture Exchange and its shares started trading under the symbol &#8220;EXRO&#8221;.<\/p>\n<p>On <span class=\"xn-chron\">September 24, 2020<\/span>, the Company announced it entered into a collaboration agreement with Heinzmann GMBH &amp; Co. KG to integrate Coil Drive technology with Heinzmann&#8217;s advanced motor designs for mobility applications. The agreement will involve motor technology and integration support from Heinzmann, while the Company will provide testing, power electronics design, and supply. Exro&#8217;s Coil Driver will improve the speed range and torque output capabilities of Heinzmann&#8217;s traction applications. This provides new possibilities for optimizing powertrains to improve performance in gradeability, power density and top speed.<\/p>\n<p>\n        <b>SUBSEQUENT EVENTS<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">October 7, 2020<\/span>, the Company announced that Motorino, one of the early partners, tested Exro&#8217;s technology through 2020 against a standard electric bike in the field. Testing found that the Exro-enhanced electric bike saw its performance increase by more than 20 per cent, and up to 50 per cent in climbing conditions. Exro will now start negotiations on a commercial product for 2021.<\/p>\n<p>On <span class=\"xn-chron\">October 15, 2020<\/span>, the Company announced it is working with Traktionssysteme Austria (&#8220;TSA&#8221;) to develop enhanced commercial vehicles by integrating their traction motor systems with Exro&#8217;s Coil Driver technology.\u00a0Exro and TSA will collaborate on a technology update for heavy duty electric vehicles and traction motors and drives. Examples of heavy-duty vehicles can be delivery vans, buses, and trucks. This will deliver a full powertrain system and enable a broad product range with increased performance in the growing commercial electric vehicle markets. The global traction inverter market is projected to grow at a CAGR of 17.57% from <span class=\"xn-money\">USD 2.5 billion<\/span> in 2018 to reach <span class=\"xn-money\">USD 7.7 billion<\/span> by 2025. <sup>1<\/sup><\/p>\n<p>On <span class=\"xn-chron\">October 20, 2020<\/span>, the Company opened the doors to the newly established Calgary Innovation Center. Launching of the Innovation Center in <span class=\"xn-location\">Calgary<\/span> marks a major milestone for Exro in its path to delivering commercial products. The new facility will allow in-house design, testing, and assembly of manufactured products to enhance the performance of electric motors and powertrains. The test equipment will feature small and large test bays that will demonstrate the patented technology in relevant environments and accelerate prototypes in operating applications. This will expand the potential for more strategic partnerships with the Coil Driver technology while also creating a platform for proof of concepts in new research and development projects. Exro will continue to be focused on its mission to deliver intelligent innovations in electrification with minimum energy and maximum results.<\/p>\n<p>On <span class=\"xn-chron\">November 20, 2020<\/span>, the Company announced that it has completed the engineering validation on the 100 Volt Coil Driver for electric cars. Validation of the 100V Coil Driver engineering technology is a key milestone for Exro to delivering commercial products in the rapidly growing electric car markets. The 100V Coil Driver will deliver next generation performance in power and efficiency to mobility applications with electric powertrains. Testing has proven that the series to parallel algorithms driving the dynamic switching under load is operating as expected. Exro is on schedule to deliver a prototype to Potencia Industrial, S.A. DE C.V. (&#8220;Potencia&#8221;) and maximize performance in operating applications. Potencia is one of <span class=\"xn-location\">Mexico&#8217;s<\/span> largest motor manufacturers with over fifty years of experience specializing in custom applications like the new Pronto Power electric powertrain. With over one million miles traveled, the Pronto Power is leading the transition of electric fleet vehicles in <span class=\"xn-location\">Latin America<\/span>.<\/p>\n<p>On <span class=\"xn-chron\">November 24, 2020<\/span>, the Company announced that it has filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces of <span class=\"xn-location\">Canada<\/span>, other than the Province of <span class=\"xn-location\">Quebec<\/span>, in connection with a marketed public offering (the &#8220;Offering&#8221;) of \u200e common shares (the &#8220;Shares&#8221;) of the Company. Final pricing and the determination of the maximum number of Common Shares to be sold \u200epursuant to the Offering will be determined in the context of the market prior to the filing of the final short form \u200eprospectus in respect of the Offering\u200e.<\/p>\n<p>\n        <b>LIQUIDITY AND CAPITAL RESOURCES<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">September 30, 2020<\/span>, the Company had cash of <span class=\"xn-money\">$8,322,251<\/span>, accounts payable and accrued liabilities of <span class=\"xn-money\">$982,787<\/span>, and a related party payable of <span class=\"xn-money\">$8,609<\/span>.<\/p>\n<p>\n        <b>RESULTS OF OPERATIONS AND SELECTED FINANCIAL DATA<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net and <br \/>comprehensive loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Basic and diluted <br \/>loss per common <br \/>share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average <br \/>number of common <br \/>shares<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September 30, 2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,989,747)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.03)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">95,441,272<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September 30, 2019<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,131,431)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,124,910<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>OUTSTANDING SHARE DATA<\/b>\n      <\/p>\n<p>As of\u00a0November 30, 2020, there were 103,548,225\u00a0Common Shares issued and outstanding, and other securities convertible into Common Shares as summarized in the following table:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number Outstanding as <br \/>of November 30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number Outstanding as <br \/>of September 30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common Shares issued and outstanding<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">103,548,225<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,836,229<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Options<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,990,168<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,592,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Warrants<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,137,751<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,145,785<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Broker Warrants<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,505<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,077,178<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>ADDITIONAL INFORMATION<\/b>\n      <\/p>\n<p>The unaudited consolidated financial statements and Management&#8217;s Discussion and Analysis for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, dated <span class=\"xn-chron\">November 30, 2020<\/span>, can be viewed on Exro&#8217;s website at <a href=\"http:\/\/www.exro.com\" rel=\"nofollow\">www.exro.com<\/a> and on SEDAR at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2996658-1&amp;h=430568447&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a> under Exro Technologies Inc.<\/p>\n<p>\n        <b>About Exro Technologies<\/b><br \/>\n        <b>\u00a0<\/b><br \/>\n        <b>Inc.<\/b>\n      <\/p>\n<p>Exro is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro&#8217;s advanced motor control technology, the &#8220;Coil Driver&#8221;, expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real time so that torque demand and efficiency are optimized.<\/p>\n<p>The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors, or implementing heavy mechanical geared solutions. Exro offers a new solution for system optimization through implementation of its technology which can yield the following results: increased drive cycle efficiency, reduced system volume, reduced weight, expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed.<\/p>\n<p>For more information visit our website at\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2996658-1&amp;h=1687885&amp;u=http%3A%2F%2Fwww.exro.com%2F&amp;a=www.exro.com\" rel=\"nofollow noopener noreferrer\">www.exro.com<\/a>.<\/p>\n<p>\n        <b>LinkedIn <\/b><br \/>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2996658-1&amp;h=1265411090&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fexro-technologies-inc&amp;a=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fexro-technologies-inc\" rel=\"nofollow noopener noreferrer\">https:\/\/www.linkedin.com\/company\/exro-technologies-inc<\/a>\n      <\/p>\n<p>\n        <b>Twitter <\/b><br \/>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2996658-1&amp;h=1171014717&amp;u=https%3A%2F%2Ftwitter.com%2Fexrotech&amp;a=https%3A%2F%2Ftwitter.com%2Fexrotech\" rel=\"nofollow noopener noreferrer\">https:\/\/twitter.com\/exrotech<\/a>\n      <\/p>\n<p>\n        <b>Facebook <\/b><br \/>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2996658-1&amp;h=1017455110&amp;u=https%3A%2F%2Fwww.facebook.com%2Fexrotech%2F&amp;a=https%3A%2F%2Fwww.facebook.com%2Fexrotech%2F\" rel=\"nofollow noopener noreferrer\">https:\/\/www.facebook.com\/exrotech\/<\/a>\n      <\/p>\n<p>\n        <b>ON BEHALF OF THE BOARD OF DIRECTORS<\/b>\n      <\/p>\n<p>\n        <i><br \/>\n          <span class=\"xn-person\">Sue Ozdemir<\/span>, Chief Executive Officer<\/i>\n      <\/p>\n<p>\n        <b>CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS<\/b>\n      <\/p>\n<p>This news release contains forward-looking statements and forward-looking information (together, &#8220;forward-looking statements&#8221;) 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 &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;estimates&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221; or variations of such words, or statements that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221;, &#8220;will be taken&#8221;, &#8220;occur&#8221; or &#8220;be achieved&#8221;. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading &#8220;Risk Factors&#8221; and elsewhere in the Company&#8217;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.<\/p>\n<p>Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO07119&amp;sd=2020-11-30\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/exro-technologies-announces-2020-third-quarter-financial-results-301182003.html\">http:\/\/www.prnewswire.com\/news-releases\/exro-technologies-announces-2020-third-quarter-financial-results-301182003.html<\/a><\/p>\n<p>SOURCE  Exro Technologies Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=TO07119&amp;Transmission_Id=202011301938PR_NEWS_USPR_____TO07119&amp;DateId=20201130\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Successfully closed in July its marketed short form prospectus offering for gross proceeds of Cdn $8,000,000 Added two new partnerships including SEA Electric Pty Ltd. (&#8220;SEA Electric&#8221;) and Heinzmann GMBH &amp; Co. KG (&#8220;Heinzmann&#8221;) Listed on the TSX Venture Exchange and started trading under the symbol &#8220;EXRO&#8221; Motorino testing results confirmed the performance increase of the Exro-enhanced electric bike CALGARY, AB, Nov. 30, 2020 \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO)\u00a0(the &#8220;Company&#8221; or &#8220;Exro&#8221;), a leading clean technology company which has developed a new class of power electronics for electric motors and powertrains, is pleased to announce its third quarter 2020 financial results for the nine months ended September 30, 2020. &#8220;The third quarter was an eventful period &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Exro Technologies Announces 2020 Third Quarter Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-390108","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exro Technologies Announces 2020 Third Quarter Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exro Technologies Announces 2020 Third Quarter Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Successfully closed in July its marketed short form prospectus offering for gross proceeds of Cdn $8,000,000 Added two new partnerships including SEA Electric Pty Ltd. (&#8220;SEA Electric&#8221;) and Heinzmann GMBH &amp; Co. KG (&#8220;Heinzmann&#8221;) Listed on the TSX Venture Exchange and started trading under the symbol &#8220;EXRO&#8221; Motorino testing results confirmed the performance increase of the Exro-enhanced electric bike CALGARY, AB, Nov. 30, 2020 \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO)\u00a0(the &#8220;Company&#8221; or &#8220;Exro&#8221;), a leading clean technology company which has developed a new class of power electronics for electric motors and powertrains, is pleased to announce its third quarter 2020 financial results for the nine months ended September 30, 2020. &#8220;The third quarter was an eventful period &hellip; Continue reading &quot;Exro Technologies Announces 2020 Third Quarter Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-01T00:42:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1345248\/Exro_Technologies_Inc__Exro_Technologies_Announces_2020_Third_Qu.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-2020-third-quarter-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-2020-third-quarter-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Exro Technologies Announces 2020 Third Quarter Financial Results\",\"datePublished\":\"2020-12-01T00:42:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-2020-third-quarter-financial-results\\\/\"},\"wordCount\":2006,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-2020-third-quarter-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1345248\\\/Exro_Technologies_Inc__Exro_Technologies_Announces_2020_Third_Qu.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-2020-third-quarter-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-2020-third-quarter-financial-results\\\/\",\"name\":\"Exro Technologies Announces 2020 Third Quarter Financial Results - 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(&#8220;SEA Electric&#8221;) and Heinzmann GMBH &amp; Co. KG (&#8220;Heinzmann&#8221;) Listed on the TSX Venture Exchange and started trading under the symbol &#8220;EXRO&#8221; Motorino testing results confirmed the performance increase of the Exro-enhanced electric bike CALGARY, AB, Nov. 30, 2020 \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO)\u00a0(the &#8220;Company&#8221; or &#8220;Exro&#8221;), a leading clean technology company which has developed a new class of power electronics for electric motors and powertrains, is pleased to announce its third quarter 2020 financial results for the nine months ended September 30, 2020. &#8220;The third quarter was an eventful period &hellip; Continue reading \"Exro Technologies Announces 2020 Third Quarter Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-01T00:42:05+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1345248\/Exro_Technologies_Inc__Exro_Technologies_Announces_2020_Third_Qu.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Exro Technologies Announces 2020 Third Quarter Financial Results","datePublished":"2020-12-01T00:42:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/"},"wordCount":2006,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1345248\/Exro_Technologies_Inc__Exro_Technologies_Announces_2020_Third_Qu.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-2020-third-quarter-financial-results\/","name":"Exro Technologies Announces 2020 Third Quarter Financial Results - 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