- Executive Chairman Mark Godsy
has announced stepping down as Chairman, effective March 31, 2023
- Director Rod Copes has been
appointed to the position of Interim Chair
- The transition aligns with Exro's evolution into series
production in Q3 of this year and positioning for a Nasdaq
listing
- Copes' decades of unique experience in scaling automotive
manufacturing operations in the US will serve as a tremendous asset
for Exro's upcoming stages of growth
CALGARY,
AB, April 6, 2023 /CNW/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or
"Exro"), a leading clean technology company that has
developed new generation power control electronics that expand the
capabilities of electric motors and batteries, today announced that
Mark Godsy, long-time Chairman of
its Board of Directors (the "Board"), has decided to step down,
effective March 31, 2023. This
transition aligns with Exro's evolution into series production in
Q3 of this year and ongoing leadership enhancement as the Company
prepares for a Nasdaq listing. In conjunction with Mr. Godsy's
decision, the Board has elected Director Rod Copes to the position of Interim Chairman.
Copes' career of operational and commercial excellence will provide
Exro with the guidance needed for its upcoming stages of
growth.
"Exro has been very fortunate to have Mark as
part of our leadership team", said CEO Sue
Ozdemir. "Mark's entrepreneurial insights have helped to
guide the business and establish a framework that sees a thoughtful
leadership transition at the right time in the Company's
development. On behalf of the Board and all our employees, we want
to thank him for his years of dedicated service to the Board of
Directors and the Company and wish him well in his other
endeavours."
"Serving Exro as Board Chairman has been the
honour, as well as the experience of a lifetime", said Godsy. "A
special thanks to Exro's employees and my fellow Board members,
past and present, for the meaningful collaboration and shared
commitment to the Company's success. Having also served previously
as CEO, I decided this is the perfect moment to make way for a new
chair of the board as the company continues to thrive. I am excited
for the future of Exro, as it is well-positioned with the support
of evolving leadership to execute and launch innovative
technologies that support the critically important transition to a
sustainable electrified world".
A serial technology entrepreneur involved in many
successful ventures, Godsy will redeploy his time and efforts to
advancing two early-stage companies for which he is founder, CEO
and Chairman: wireless earbud and wearables technology company Naqi
Logix, and neurological disease medicine developer Shackelford
Pharma Inc.
"We are also very pleased to announce the
appointment of Rod Copes as Interim
Chairman of the Board", said CEO Sue
Ozdemir. "Rod's decades of unique experience in scaling
manufacturing operations at both Rivian and Harley-Davidson in the US, as well as listing on the
Nasdaq exchange, serve as tremendous assets to Exro. On behalf of
everyone at Exro and the Board, we welcome Rod to his new position
and look forward to working with him to continue our efforts to
build significant value for our shareholders."
Rod Copes, Interim
Chairman added: "I am delighted to expand my role at Exro after
working closely with Sue and the rest of the team since I joined
the Board. With completion of phase one of its world-class
manufacturing facility, and innovative engineering and services
centers, Exro is positioning itself as a technology leader
delivering much-needed critical solutions to energy transition
industries. I am looking forward to this exciting next phase at
Exro."
Copes joined the Board of Exro in May 2022 following his retirement as Chief
Operating Officer ("COO") at Rivian. Since joining Exro, Copes has
been working closely with management as the Company prepares to
launch series production of its Coil
Driver™ technology for automotive, and Cell
Driver™ technology for commercial & industrial
energy storage, in Q3 2023. At Rivian, Copes was the company's
first COO and was integral in operationalizing the company, helping
lead the transition from a technology-focused company to a fully
capable manufacturing and commercial company. Copes contributed to
the successful launch of the three electric vehicles and initial
production ramp. A key member of the c-suite, in 2021 Copes also
supported Rivian's efforts to complete one of the largest Nasdaq
IPOs in history. Prior to Rivian, Copes held several executive
roles over his 19-year career at Harley Davidson Motorcycle
Company, including leading multiple manufacturing plants and
responsibility for global sales and customer service.
ABOUT EXRO TECHNOLOGIES
INC.
Exro Technologies Inc. is a leading clean
technology company that has developed new generation power control
electronics that change how the world optimizes energy by expanding
the capabilities of electric motors and batteries. The company's
innovative technologies serve to bridge the performance-cost gap in
e-mobility (Coil Driver™) and stationary energy storage
(Cell Driver™), and act to accelerate adoption towards a
circular electrified economy by delivering more with less – minimum
energy for maximum results.
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,
2022, and financial statements and related MD&A for the
financial year ended December 31,
2022, 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.