(TheNewswire)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / June 30, 2017 -BioDE Ventures Ltd. (the "Company") is pleased to provide the following update.
Listing Application, Amalgamation and Non-Offering Prospectus
The Company applied to list its common shares on the Canadian Securities Exchange (the "CSE") and, pursuant to the request of the CSE, filed a preliminary non-offering prospectus on May 2, 2017 with the British Columbia Securities Commission. The Company is working on obtaining the conditional listing approval by the CSE, completing the three-cornered amalgamation pursuant to the amalgamation agreement (the "Amalgamation Agreement") with Exro Technologies Inc. ("Exro") and 1089001 B.C. LTD. dated November 7, 2016, filing a final non-offering prospectus and listing its shares on the CSE. The listing of the shares of the Company is subject to meeting all listing requirements of the CSE, and there can be no guarantee that the shares will be listed until all listing requirements are met.
Concurrent Financing
Pursuant to the concurrent financing described in the Amalgamation Agreement, in April 2017 Exro raised approximately $2.4 million by issuing subscription receipts at a price of $0.20, which will be converted into Exro shares and will be exchanged for the shares of the Company upon the Amalgamation. These funds are held in trust pending the completion of the Amalgamation and will be used to advance the business of the Company and Exro after the Amalgamation.
Update on Exro's Operations
Exro has issued an update about its operations and management to its shareholders. Exro is working on a collaboration with Northwest UAV ("NWUAV"), which is a World leader in unmanned aerial propulsion system manufacturing. Exro's technology is being tested on generators. The goal is to make the generators more intelligent and capable of producing more electricity with less weight and use the generators in unmanned aerial vehicles (UAVs).
Exro's focus is to validate its technology through commercial co-development collaborations for electric motors, generators, and reversible motor/generators. Exro is actively pursuing collaborations in each of these categories. Exro also have had discussions with various parties in the renewable energy sector. The goal is to secure a collaboration like that of NWUAV in the wind sector.
Update regarding Exro's Management and Directors
Exro appointed Dr. Torsten Broeer as its Chief Technology Officer. Dr. Broeer has a B.Sc. in Electrical Engineering, a M.Sc. in Renewable Energy, and a Ph.D. in Mechanical Engineering. He has over 25 years of industry and project experience in the conventional and renewable energy field. Dr. Broeer has worked in management positions at companies such as the power utility Vattenfall Europe, Siemens, Olympus and various small companies.
Daniel McGahn has joined the board of Directors of Exro. Mr. McGahn currently serves as CEO of American Superconductor Corporation ("AMSC"). AMSC (NASDAQ: AMSC) generates the ideas, technologies and solutions now powering gigawatts of renewable energy globally and enhancing the performance and reliability of power networks in more than a dozen countries. Mr. McGahn joined AMSC in 2006 as Vice President, Strategic Planning and Corporate Development, and was later promoted to Senior Vice President of Asian Operations. In these roles, Mr. McGahn was responsible for establishing AMSC's operations in China, Korea and India. He was then promoted to President and Chief Operating Officer responsible for AMSC's day to day global operations. Mr. McGahn holds M.Sc. and B.Sc. degrees in Engineering from the Massachusetts Institute of Technology. He is expected to be nominated to the board of directors of the Company after the Amalgamation during the next annual general meeting of the Company.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of Canadian securities laws. These statements relate to future events or future performance and reflect management's expectations regarding the Company's or Exro's growth, results of operations, technology, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target" or the negative of these terms or other comparable terminology.
Readers should not place undue reliance on the Company's or Exro's forward-looking statements, as the Company's and Exro's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's and Exro's business, or if the Company's or Exro's estimates or assumptions prove inaccurate. Therefore, the Company and Exro cannot provide any assurance that such forward-looking statements will materialize. The Issuer and Exro do not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.
ON BEHALF OF THE BOARD OF DIRECTORS
Chester Shynkaryk
Chief Executive Officer
BioDE Ventures Ltd.
2820 Granville Street
Vancouver, B.C. V6C 1S4
Tel: 31TU(604) 722-9140U31T