{"id":472320,"date":"2021-04-06T20:21:34","date_gmt":"2021-04-07T00:21:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=472320"},"modified":"2021-04-06T20:21:34","modified_gmt":"2021-04-07T00:21:34","slug":"exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\/","title":{"rendered":"Exro Technologies Announces Fourth Quarter and Fiscal 2020 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 its marketed short form prospectus offering for gross proceeds of Cdn <span class=\"xn-money\">$41,974,998<\/span> in December <\/li>\n<li>Opened the newly established Calgary Innovation Center, allowing in-house design, testing, and assembly of prototypes to enhance the performance of electric motors and powertrains <\/li>\n<li>Completed the engineering validation on the 100 Volt Coil Driver for electric cars <\/li>\n<li>Completed the technology validation on its Battery Control Systems (&#8220;BCS&#8221;) for optimizing second-life energy storage applications <\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">CALGARY, AB<\/span>, <span class=\"xn-chron\">April 6, 2021<\/span> \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO) (OTCQB: EXROF)\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 2020 financial results for the year-ended <span class=\"xn-chron\">December 31, 2020<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1482265\/Exro_Technologies_Inc__Exro_Technologies_Announces_Fourth_Quarte.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1482265\/Exro_Technologies_Inc__Exro_Technologies_Announces_Fourth_Quarte.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;2020 was a spectacular year as Exro achieved several key milestones on all fronts. First and foremost, we successfully closed in July and December short form prospectus offerings of Cdn <span class=\"xn-money\">$8,000,000<\/span> and Cdn <span class=\"xn-money\">$41,974,998<\/span> at a price of <span class=\"xn-money\">$0.70<\/span> and <span class=\"xn-money\">$3.25<\/span> per share respectively. The net proceeds from these offerings will enable us to do further commercialization of the Coil Driver in the mobility segment including micro, light and commercial electric vehicle programs plus capital investments in support of our Innovation Center and manufacturing facility development. Our balance sheet is sufficiently strong to execute our plans for the next two years,&#8221; commented <span class=\"xn-person\">John Meekison<\/span>, Chief Financial Officer of Exro.<\/p>\n<p>&#8220;On the commercialization front, in the first quarter of 2021 LAND Electric Motorcycles (&#8220;LAND&#8221;) signed a letter of intent to purchase up to 2,000 units and SEA Electric signed an expanded strategic collaboration agreement to showcase the BCS while expanding on the Coil Driver commercialization scope. We will be opening a 36,700 square foot facility in <span class=\"xn-location\">Calgary<\/span> in late 2021 that will be capable of producing automotive compliant Coil Driver units in late 2022,&#8221; said <span class=\"xn-person\">Sue Ozdemir<\/span>, Chief Executive Officer of Exro.<\/p>\n<p>&#8220;We completed the engineering validation on the 100 Volt Coil Driver for electric cars and the technology validation for the BCS that demonstrated the principles of operation in second-life environments. In a very short time span, our engineers have been able to validate the Coil Driver technology for multiple platforms while continuing to develop the battery technology. We are excited to gear up for standard product designs and series production in the coming year,&#8221; said <span class=\"xn-person\">Eric Hustedt<\/span>, Chief Engineer at Exro.<\/p>\n<p>On <span class=\"xn-chron\">April 6, 2021<\/span>, the Company issued 1,100,000 stock options to certain directors, employees and consultants with an exercise price of <span class=\"xn-money\">$4.77<\/span> per common share. The options are exercisable for a period of five years from the grant date. 1,050,000 of the options granted will vest 33% six months after grant, 33% twelve months after grant and the remaining 18 months after grant. The remaining 50,000 stock options granted will vest 25,000 on <span class=\"xn-chron\">April 30, 2021<\/span> and 25,000 on <span class=\"xn-chron\">December 31, 2021<\/span>.<\/p>\n<p>\n        <b>2020 <\/b><br \/>\n        <b>F<\/b><br \/>\n        <b>INANCIAL<\/b><br \/>\n        <b>\u00a0H<\/b><br \/>\n        <b>IGHLIGHTS<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Comprehensive loss of <span class=\"xn-money\">$10,969,454<\/span> (2019 \u2013 <span class=\"xn-money\">$4,665,031<\/span>). <\/li>\n<li>General and Administration expense increased by <span class=\"xn-money\">$1,570,196<\/span> to <span class=\"xn-money\">$2,991,963<\/span><\/li>\n<li>Payroll and consulting fees increased by <span class=\"xn-money\">$1,037,975<\/span> to <span class=\"xn-money\">$3,031,863<\/span><\/li>\n<li>Research and development increased by <span class=\"xn-money\">$1,729,937<\/span> to <span class=\"xn-money\">$2,266,206<\/span><\/li>\n<li>Share based payments expense increased by 1,598,918 to <span class=\"xn-money\">$2,224,385<\/span><\/li>\n<\/ul>\n<p>The main drivers for the overall costs increase were growing the engineering team to accelerate the technology development and the commercialization efforts. Exro has spent a considerable amount of time and effort to recruit top talents and to increase the awareness of its technologies and progress throughout 2020.<\/p>\n<p>\n        <b>FOURTH QUARTER OPERATING HIGHLIGHTS<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">October 7, 2020<\/span>, the Company announced that Motorino 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 (<b>&#8220;TSA&#8221;<\/b>), a motor manufacturing partner, to develop enhanced commercial vehicles by integrating their traction motor systems with Exro&#8217;s Coil Driver technology.<\/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> marked 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. <\/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. <\/p>\n<p>On <span class=\"xn-chron\">December 14, 2020<\/span>, the Company closed a marketed public offering (the &#8220;Offering&#8221;) of \u200e common shares (the &#8220;Shares&#8221;) of the Company. The prospectus financing closed on <span class=\"xn-chron\">December 14, 2020<\/span> issuing 12,915,384 common shares at a price of <span class=\"xn-money\">$3.25<\/span> per share for gross proceeds of <span class=\"xn-money\">$41,974,998<\/span>. <\/p>\n<p>On <span class=\"xn-chron\">December 21, 2020<\/span>, Exro completed the technology validation on its BCS. Simulations in the lab have demonstrated the principles required for optimized second life operations. The system can regulate grid current, charge and discharge at cell level, and manage cells with different states of charge. Exro will move forward to demonstrating the BCS in operating applications in 2021.<\/p>\n<p>\n        <b>LIQUIDITY AND CAPITAL RESOURCES<\/b>\n      <\/p>\n<p>At <span class=\"xn-chron\">December 31, 2020<\/span>, the Company had cash of <span class=\"xn-money\">$48,298,894<\/span> and accounts receivable of <span class=\"xn-money\">$159,268<\/span>, which primarily consist of GST refund. The Company has accounts payable and accrued liabilities of <span class=\"xn-money\">$1,780,726<\/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=\"prnbcc\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Year ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net and <br \/>comprehensive<br \/>loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Basic and <br \/>diluted loss <br \/>per common<br \/>share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average <br \/>number of <br \/>common shares<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31, 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,969,454)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.12)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">90,318,733<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,665,031)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.07)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,458,935<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>OUTSTANDING SHARE DATA<\/b>\n      <\/p>\n<p>As of\u00a0April 6, 2021, there were 119,862,988\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=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number <br \/>Outstanding as of <br \/>April 6, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number <br \/>Outstanding as of <br \/>December 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common Shares issued and outstanding<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">119,862,988<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,445,808<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Options<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,995,253<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,697,167<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Broker Warrants<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,913,061<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,900,326<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As at December 31, 2020 and April 6, 2021 there were no shares held in escrow. (December 31, 2019 \u2013 2,272,967)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>ADDITIONAL INFORMATION<\/b>\n      <\/p>\n<p>The audited consolidated financial statements and Management&#8217;s Discussion and Analysis for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, dated <span class=\"xn-chron\">April 6, 2021<\/span>, can be viewed on SEDAR at <a href=\"http:\/\/www.sedar.com\" rel=\"nofollow\">www.sedar.com<\/a> under Exro Technologies Inc.<\/p>\n<p>\n        <b>Unless otherwise noted, all figures are in Canadian currency, Cdn.<\/b>\n      <\/p>\n<p>\n        <b>About Exro Technologies<\/b><br \/>\n        <b>\u00a0<\/b><br \/>\n        <b>Inc.<\/b>\n      <\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3121036-1&amp;h=4194253277&amp;u=http%3A%2F%2Fwww.exro.com%2F&amp;a=Exro\" rel=\"nofollow noopener noreferrer\">Exro<\/a> 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.<\/p>\n<p>Exro&#8217;s advanced motor control technology, the Coil Driver, expands the capabilities of powertrains by enabling two separate torque profiles within a given motor. 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.<\/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=3121036-1&amp;h=1379649604&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 <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3121036-1&amp;h=424586523&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><\/b>\n      <\/p>\n<p>\n        <b>Twitter <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3121036-1&amp;h=401493300&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><\/b>\n      <\/p>\n<p>\n        <b>Facebook <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3121036-1&amp;h=1854352143&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><\/b>\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=TO34417&amp;sd=2021-04-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results-301263588.html\">http:\/\/www.prnewswire.com\/news-releases\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results-301263588.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=TO34417&amp;Transmission_Id=202104062018PR_NEWS_USPR_____TO34417&amp;DateId=20210406\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Successfully closed its marketed short form prospectus offering for gross proceeds of Cdn $41,974,998 in December Opened the newly established Calgary Innovation Center, allowing in-house design, testing, and assembly of prototypes to enhance the performance of electric motors and powertrains Completed the engineering validation on the 100 Volt Coil Driver for electric cars Completed the technology validation on its Battery Control Systems (&#8220;BCS&#8221;) for optimizing second-life energy storage applications CALGARY, AB, April 6, 2021 \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO) (OTCQB: EXROF)\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 2020 financial results for the year-ended December 31, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Exro Technologies Announces Fourth Quarter and Fiscal 2020 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-472320","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exro Technologies Announces Fourth Quarter and Fiscal 2020 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-fourth-quarter-and-fiscal-2020-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 Fourth Quarter and Fiscal 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Successfully closed its marketed short form prospectus offering for gross proceeds of Cdn $41,974,998 in December Opened the newly established Calgary Innovation Center, allowing in-house design, testing, and assembly of prototypes to enhance the performance of electric motors and powertrains Completed the engineering validation on the 100 Volt Coil Driver for electric cars Completed the technology validation on its Battery Control Systems (&#8220;BCS&#8221;) for optimizing second-life energy storage applications CALGARY, AB, April 6, 2021 \/PRNewswire\/ &#8211; Exro Technologies Inc. (TSXV: EXRO) (OTCQB: EXROF)\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 2020 financial results for the year-ended December 31, &hellip; Continue reading &quot;Exro Technologies Announces Fourth Quarter and Fiscal 2020 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-07T00:21:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1482265\/Exro_Technologies_Inc__Exro_Technologies_Announces_Fourth_Quarte.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=\"7 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-fourth-quarter-and-fiscal-2020-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Exro Technologies Announces Fourth Quarter and Fiscal 2020 Financial Results\",\"datePublished\":\"2021-04-07T00:21:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\\\/\"},\"wordCount\":1444,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1482265\\\/Exro_Technologies_Inc__Exro_Technologies_Announces_Fourth_Quarte.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/exro-technologies-announces-fourth-quarter-and-fiscal-2020-financial-results\\\/\",\"name\":\"Exro Technologies Announces Fourth Quarter and Fiscal 2020 Financial Results - 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