Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company has developed new-generation, power-control electronics that expand the capabilities of electric motors and batteries, has completed a previously announced merger with SEA Electric Inc. As a result of the merger, Exro acquired all issued and outstanding shares of common stock and preferred stock of SEA Electric and former SEA Electric stockholders received 31.463 common shares of Exro and 34.4999 convertible preferred shares of Exro for each share of SEA stock. The transaction had been approved by Exro shareholders earlier this month. The combined company will operate under the name Exro Technologies Inc. In addition, two SEA executives, CEO Tony Fairweather and director John MacLeod, have joined the board of directors of the combined company with Terence Johnsson and Anita Ganti having resigned their board of director positions.
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About Exro Technologies Inc.
Exro Technologies 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 — Exro’s Coil Driver(TM) — and stationary energy storage — Exro’s Cell Driver (TM) — and act to accelerate adoption toward a circular electrified economy by delivering more with less, minimum energy for maximum results. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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