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Exro Technologies reiterates focus on executing its outstanding business strategy as it hits back at 'baseless attack' from Mariner Group

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Exro Technologies Inc (CVE:EXRO) (OTCQB:EXROF) has reiterated its focus is on executing its outstanding business strategy with the support of its validated partners and US$40 million in its bank account, as it issued a fact-check on Thursday in response to a report “full of inaccuracies, innuendos and outright distortions” from Mariner Group.

Exro stock declined 17% to C$3.75 Thursday following the Mariner report, and the company said it is reviewing the available legal recourse to hold the authors responsible for the “baseless attack” which it claims was intended to manipulate its share price downward in support of short-sellers.   

Exro is a clean technology company focused on electric vehicles and solving the most challenging problems with electrification. Its key technological development is the Coil Driver, with capabilities of powertrains by enabling two separate torque profiles within a given motor. 

READ: Exro Technologies issues integrity statement from its chief executive officer after report of short-seller attack

In the company’s statement, Sue Ozdemir, chief executive officer of Exro said: “Our focus will continue to remain on executing an outstanding business strategy, delivering high-quality products to the market, and continuous innovation through R&D. After seeing all the incredible support our company has received from valued partners, employees, engaged followers, and many more in reaction to this ruthless report– I could not be more confident in our path ahead to success.”

Fact check 

Exro said it has tried to address all of the false claims made in the Mariner report, highlighting that the company has a focused business strategy with demonstrated execution, valued and validated partners who are deeply invested in the success of its development projects.

As well as a strong leadership team from the board of directors to the management team who hold integrity and continued execution to the upmost value, the company noted that it has a strong bank account of over US$40 million to deliver on its commitments.

The shift to electric vehicles (EVs) began in part with CEO Sue Ozdemir joining the company in 2019, when Exro brought in management with expertise in electric motors and automotive power electronics.

In 2020, the company executed and out delivered on all the milestones set out at the onset of the year, including bringing on partners with the goal of demonstrating versatility in operating applications.

Sale of company shares

Exro noted that Ozdemir has sold roughly 18% of her company shares, which the CEO clarified was not a reflection of the company’s outlook. 

“My selling shares was in no way a reflection of my belief in the company,” Ozdemir said in Thursday’s statement. “It was purely a personal decision as my family and I went through the transition in moving to Calgary. I could not be more optimistic about our company outlook.”

Exro said in its fact check that its management team had actually been buying more company shares recently. 

The company also vigorously defended its chairman Mark Godsy, one of the co-founders of Angiotech Pharmaceuticals and former senior executive of ID Biomedical Corporation.

Partners and technology

The company said the initial intention of Exro’s partnerships was to demonstrate versatility in operating applications and some partnerships like Motorino Electric have already achieved this goal, while other partnerships continue development in reaching this goal.

Operational validation of Exro technology through partnerships across the electric mobility industry positions the company for potential revenue generation with electric vehicle manufacturers, the company explained. 

Revenue has not yet been generated through purchase orders and licencing agreements, which remain at the validation stage, but with an R&D budget of more than US$12 million, Exro believes it is positioned for success.

In October, the company opened a 10,000-square-foot facility in Calgary, Alberta to deliver commercial products with in-house design, testing and assembly – the first step to develop low volume manufacturing facilities with qualification for standard automotive compliances. 

Exro strongly defended its partners, noting that they range from smaller start-ups to larger established businesses.

“Exro is eager to engage with any partner wishing to validate its technology and potentially purchasing its product – the more partnerships we have, the more opportunities for growth we possess. The report misrepresents Exro’s business by cherry-picking a list of some of our smaller partners.  We value our relationships with all our partners and hope to grow with them as we continue to add new partners to the list,” Exro said.

Exro also noted that the report is “misleadingly silent on key partnerships that may be further along in the path to technology validation and revenue,” including Zero Motorcycles, Heinzmann, SEA Electric and Exro’s recently announced LAND deal.   

Leading the way to intelligent electrification

Exro is focused on leading the way to intelligent electrification with its technology, which provides solutions for optimizing systems with smart power electronics, without adding more equipment.

Accomplishing coil switching electronically, without external mechanical gearboxes, is something that has not been done before, the company said, adding that there has not been a cost-effective solution, prior to the Coil Driver, to bring this type of technology to mass market. 


The company noted that it has 17 patents granted and 18 patents pending that secure the intellectual property related to both the Coil Driver and Battery Control System (formerly Battery Management System). The Battery Control System takes battery management to the next level by gaining cell-level control, Exro explained.

Additionally, many of the patents protecting the battery control technology are still in the pending phase and are not available to the public yet, the company added.

Professional research analysts

Exro pointed it that it has professional research analysts, who cover comprehensive due diligence with Raymond James and Haywood Capital.

The company said it encourages shareholders and engaged followers to reach out to those real analysts and find out what they have to say about Exro and its business.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors


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