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CNW Group -- Exro recognizes the importance of intellectual property, actively protects its own IP and respects other companies' valid IP rights. -- Exro takes exception to ePropelled Inc.'s unmerited patent infringement lawsuit and its inaccurate statement that Exro did not respond to ePropelled's inquiry to Exro concerning ePropelled's patent. -- Exro will investigate the allegations set forth in the complaint, and vigorously defend its technology. 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 press release issued by ePropelled Inc. on January 24, 2022, concerning a patent infringement lawsuit it filed against the Company on January 21, 2022. As a technology company, Exro recognizes the importance of intellectual property ("IP"), and actively strives to protect and maintain its IP rights, which includes securing patents covering its technology both in the United States and internationally. Exro also steadfastly respects other companies' valid IP rights. Contrary to allegations made by ePropelled, Exro diligently investigated and promptly responded to ePropelled's inquiry. Based on Exro's response, ePropelled clarified that it was not accusing Exro of infringement and stated that it had not conducted an infringement analysis. ePropelled made no further communication with Exro prior to filing suit. "Not only does Exro respect other companies' intellectual property rights, but we are also incredibly confident in our ability to defend our technology," said Exro CEO Sue Ozdemir. "While we are disappointed in both the unmerited patent infringement lawsuit and the false claims made by ePropelled, we are thankful for the support we have received from the Exro community. We will continue focusing on our business strategy that demonstrates how Exro's ability to continuously innovate will solidify its position in the electric mobility market. As it did in response to ePropelled's inquiry, Exro will investigate the allegations set forth in the complaint, and vigorously defend its technology. 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 Driver(TM), 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. |