NetworkNewsBreaks – Exro Technologies Inc. (CSE:
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Posted On: 06/02/2020 5:14:13 PM
NetworkNewsBreaks – Exro Technologies Inc. (CSE: XRO) (OTCQB: EXROF) Posts Q1 2020 Financial Results
Exro Technologies (CSE: XRO) (OTCQB: EXROF), a clean-tech company committed to transforming energy conversion to enhance the performance, efficiency and longevity of electric motors, on Monday announced financial and operational results for the three months ended March 31, 2020. Per the release, the company incurred a comprehensive loss of C$1,525,182 during the quarter. The company also reported that it incurred C$175,882 in research and development for the quarter, which primarily represents materials used for development of its technology as Exro continues to advance toward its goals for commercialization. “Exro is in full force at commercializing its patented Coil Switching Technology. We engaged multiple partnerships with manufacturers during the first quarter such as Finland’s Aurora Powertrains Oy (“Aurora”) and Clean Seed Capital Group Ltd. (“Clean Seed”) along with the partnerships from 2019, Motorino Electric Bike, Potencia and Templar Marine. We are in talks with several potential partners to build prototypes that will be implanted into the field,” Exro Technologies CEO Sue Ozdemir stated in the news release. “We are also in works to open a 6,500 sq. ft. innovation center in Calgary, Alberta, to demonstrate how the company dramatically improves the performance of the world’s electric motors. The Exro Innovation Center (“EIC”) will also increase the company’s laboratory space, to expand its service capabilities to customers and showcase where Exro’s technology can be applied to key sectors of the economy. The EIC will also host collaborative events to explore advances in energy consumption and power electronics innovations, with participants from Calgary, across Canada and around the world.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Exro Technologies (CSE: XRO) (OTCQB: EXROF), a clean-tech company committed to transforming energy conversion to enhance the performance, efficiency and longevity of electric motors, on Monday announced financial and operational results for the three months ended March 31, 2020. Per the release, the company incurred a comprehensive loss of C$1,525,182 during the quarter. The company also reported that it incurred C$175,882 in research and development for the quarter, which primarily represents materials used for development of its technology as Exro continues to advance toward its goals for commercialization. “Exro is in full force at commercializing its patented Coil Switching Technology. We engaged multiple partnerships with manufacturers during the first quarter such as Finland’s Aurora Powertrains Oy (“Aurora”) and Clean Seed Capital Group Ltd. (“Clean Seed”) along with the partnerships from 2019, Motorino Electric Bike, Potencia and Templar Marine. We are in talks with several potential partners to build prototypes that will be implanted into the field,” Exro Technologies CEO Sue Ozdemir stated in the news release. “We are also in works to open a 6,500 sq. ft. innovation center in Calgary, Alberta, to demonstrate how the company dramatically improves the performance of the world’s electric motors. The Exro Innovation Center (“EIC”) will also increase the company’s laboratory space, to expand its service capabilities to customers and showcase where Exro’s technology can be applied to key sectors of the economy. The EIC will also host collaborative events to explore advances in energy consumption and power electronics innovations, with participants from Calgary, across Canada and around the world.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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