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exro Technologies Exro Technologies Announces First Quarter 2021 Financial Results ● Signed a non - binding letter of intent with LAND for the District motorcycle with the Coil DriverTM order volume of up to 2,000 units after the unit is validated by LAND . • Entered into the expanded strategic collaboration agreement and made the strategic investment of US $ 5 million to SEA Electric providing Exro with the platform to demonstrate and accelerate development of the BCS . • Secured a 36,966 square foot facility in Calgary which will include production lines , product showroom and office spaces . The facility is targeted to open for late Q4 2021 , with automotive certified production by end of 2022 . CALGARY , AB , May 11 , 2021 / CNW / - Exro Technologies Inc. ( TSXV : EXRO ) ( OTCQB : EXROF ) ( the " Company " or " Exro " ) , a leading clean technology company which has developed a new class of power electronics for electric motors and powertrains , is pleased to announce its financial results for the quarter - ended March 31 , 2021 . " Our current focus is attracting top engineering talent and building a robust pipeline of versatile partners across different segments to validate our technology . We are also ramping up the design and construction of the new 36,966 square foot facility in south Calgary that will be capable of producing automotive compliant Coil Driver ™ units in late 2022 , " said Sue Ozdemir , Chief Executive Officer of Exro . " During the first quarter of 2021 , LAND Electric Motorcycles ( " LAND " ) signed a letter of intent to purchase up to 2,000 units , which was a milestone for us on our path to revenue , " commented Josh Sobil , Chief Commercial Officer of Exro . " We signed an expanded strategic collaboration agreement and made a US $ 5 million investment with SEA Electric Pty Ltd. ( " SEA Electric " ) to showcase the Battery Control System ( " BCS " ) while expanding on the Coil DriverTM commercialization scope . In April , we entered into a supply agreement with Vicinity Motor Corp. ( " Vicinity " ) to deploy Exro enhanced electric buses . Vicinity will test and validate the Coil Driver ™ powertrain integration with the intent of implementing it in future serial production batches of the electric bus product line . " On April 6 , 2021 , the Company issued 1,100,000 stock options to certain directors , employees , and consultants with an exercise price of $ 4.77 per common share . The options are exercisable for a period of five years from the grant date . 1,050,000 of the options granted will vest 33 % six months after grant , 33 % twelve months after grant and the remaining 18 months after grant . The remaining 50,000 stock options granted will vest 25,000 on April 30 , 2021 and 25,000 on December 31 , 2021 . On January 22 , 2021 , Exro engaged VSA Capital Ltd. ( " VSA Capital " ) as European financial advisor and corporate broker . VSA Capital , is an independent financial advisor and corporate brokerage firm based in London , UK . VSA Capital will be paid an annual fee of £ 40,000 and will run for a minimum term of 12 months after which this agreement may be terminated by either VSA or Exro giving the other not less than three months ' notice . Exro and VSA Capital act at arm's length , and VSA Capital has no present interest , directly or indirectly , in Exro or its securities . The fee paid by Exro to VSA Capital is for services only . The agreement is subject to approval of the TSX Venture Exchange ( the " TSXV " ) . Q1 2021 FINANCIAL HIGHLIGHTS • Comprehensive loss of $ 6,676,520 ( Q1 2020 - $ 1,525,182 ) . • General and Administration expense increased by 474,572 to $ 919,972 Payroll and consulting fees increased by $ 507,253 to $ 1,225,830 • Research and development increased by $ 1,525,270 to $ 1,701,152 • Share based payments expense increased by $ 2,206,722 to $ 2,351,405 The main drivers for the overall costs increase are due to additional expenditures incurred as the Company is transitioning from a proof - of - concept stage to a commercialization phase and preparing for future Coil DriverTM production . Research and development expenses increased by 71 % due to testing and validation of several projects to achieve its goals for commercialization . Exro is still spending a considerable amount of time and effort to recruit top talents and to increase the awareness of its technologies and progress . FIRST QUARTER OPERATING HIGHLIGHTS On February 4 , 2021 , Exro announced that it signed an agreement with LAND to produce up to 2000 units of the Coil DriverTM in early 2022 subject to successful on road testing . Exro and LAND have agreed to cooperate to optimize the powertrain for the District motorcycle with the Coil DriverTM . This integration is expected to improve performance for the District motorcycle and enable a new powertrain system solution in the emerging lightweight electric motorcycles industry . On February 9 , 2021 , the Company announced that it expanded its strategic partnership with SEA Electric to