Changes from last month's report.
The word "Issurer" replaced the word "Company" in a few places.
No increase in OS from last month's report.
Item 2 - following paragraph removed due to old news now.
An initial order has been received from Potencia Industrial for Motor Driver (MD) controllers and Exro will begin initial validation and testing at Potencia’s facilities in Mexico City. Exro expects delivery of the first MD units in the fourth quarter of 2019.
Item 3 - Two new paragraphs which mention the recent PRs we have already seen.
The Issuer signed its first Licensing Agreement with Motorino Electric. Motorino is a pioneer in the Canadian electric transportation industry starting over 17 years ago with its first product launch, and now having doze ns of product s across t he e le ct ric bicycle , e le ct ric scoot e r and e le ct ric mot orcycle cat e gorie s. The Issuer will integrate its ETR (Electronic Transmission Replacement) technology into Motorino’s – CTi e le ct ric bicycle . This bre akthrough technology will result in a significant increase in energy performance. Once ETR is fully integrated into a commercial market application, it will enable Motorino to provide data to Exro’s engineers for further product optimization.
The Issuer received its first production order for Motor Drivers from Potencia Industrial S.A. de C.V., as a result of successful testing of the initial order announced on June 19, 2019. Delivery of the Motor Drivers is anticipated to start in Q1 2020 and will be done in phases allowing the Issuer to ramp up production while optimizing processes.
Item 14 - Two new paragrahs - new stock options granted which we already know about and an exercise of what must have been a previous stock option.
14. Provide details of any securities issued and options or warrants granted.
The Issuer granted incentive stock options to directors, officers, employees and consultants to purchase an aggregat e of 3,075,000 common shares at $0.25 per share for a five year period. The options are subject to vesting provisions.
The Issuer issued 150,000 shares at $0.20 per share upon the exercise of an incentive stock option.
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