- In response to claims made by ePropelled, Exro has filed a
petition with the U.S. Patent and Trademark Office for review of
ePropelled's patent.
- Exro asserts that the patent which ePropelled claims it has
infringed is invalid.
- Exro also submitted an in-depth independent analysis of the
patent by award-winning MIT Professor.
CALGARY,
AB, June 15, 2022 /CNW/ - 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 this statement in response to the lawsuit filed by
ePropelled against the Company on January
21, 2022.
Exro has filed a petition with the United States Patent and
Trademark Office for inter partes review ("IPR") of U.S.
Patent No. 7,382,103 ("the '103 patent"), assigned to patent owner
ePropelled, Inc. An inter partes review is used to challenge
the patentability of claims in a U.S. patent on the basis of prior
art, which is evidence that an invention was already known prior to
filing for patent protection. The filing follows an in-depth
analysis by an independent expert in motors, and concludes that
ePropelled's '103 patent, which Exro is alleged to have infringed
is itself invalid.
The independent analysis was conducted by a professor of
Electrical Engineering and Computer Science and Mechanical
Engineering at Massachusetts Institute of
Technology (MIT) who is an
expert in the field of power electronics. The expert holds Bachelor
of Science, Master of Science, Master of Science in Electrical
Engineering, and Doctor of Philosophy degrees from MIT, where he has taught since 1993. His work has
been published extensively in scholarly journals. The expert has
also received numerous awards and accolades for his research and
teaching and is the holder of more than 20 patents for energy
conversion controls and power systems. The results of this
independent review are included in Exro's filed IPR
IPR2022-01154.
Based on the results of the independent review, Exro asserts
that, unlike the patents held by Exro, there are numerous prior art
references that demonstrate ePropelled's '103 patent is invalid.
The cancellation of the '103 patent would render ePropelled's
infringement claims moot. As such, the Company anticipates that
following the completion of the IPR, the '103 patent assigned to
ePropelled, Inc. will be cancelled, leading to an immediate
resolution of ePropelled's claim and a full vindication of
Exro.
In addition to filing the IPR, Exro also filed a separate
defamation lawsuit against ePropelled Inc. on February 15, 2022, in Middlesex County Superior
Court in the Commonwealth of Massachusetts. This litigation concerns a
defamatory statement about Exro in a press release issued on
January 24, 2022, and the Company is
actively engaged in upholding its reputation, the validity of its
technology and the protection of its shareholders.
"We are confident in our ability to defeat the claims made
against us and this IPR filing will affirm the fact that
ePropelled's patent is invalid, making it impossible for any entity
to infringe on it," said Exro CEO Sue
Ozdemir. "Our focus remains on our continued successful
product development and commercialization with our partners. While
we vigorously defend our technology and our reputation against this
unmerited patent infringement lawsuit, we are undistracted from the
execution of our business strategy and our commitment to deliver
innovative next-generation technology to the electric mobility
market."
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
DriverTM, 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.
To view our Corporate Presentation visit us at
www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") 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 "plans",
"expects", "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward looking statements
involve risks, uncertainties and other factors disclosed under the
heading "Risk Factors" and elsewhere in the Company'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.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2021, and financial
statements and related MD&A for the financial year ended
December 31, 2021, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.