OAK PARK, MI, Jan. 27, 2012 /CNW/ - Azure Dynamics Corporation (TSX:
AZD)(OTC: AZDDF) ("Azure" or the "Company"), a world leader in the
development and production of hybrid electric and electric components
and powertrain systems for light and medium duty commercial vehicles,
announced today that Ryan Carr, Chief Financial Officer, has resigned
as CFO of the Company and Stephen Lee, Vice President, Finance &
Corporate Controller, has been appointed as interim CFO until a
permanent replacement is named. Mr. Carr will remain as a non-officer
employee until February 16, 2012 to assist in the transition.
"Since 2008 Azure has made significant progress in the commercialization
of Hybrid and EV technologies which now powers over 2,200 vehicles
worldwide and Ryan has played a key role in this growth," said Scott
Harrison, Azure's CEO. "We thank Ryan for his contributions to Azure,
wish him well and appreciate his assistance in the transition." Mr.
Carr and his family will be returning to Southern California where they
previously lived and where he has accepted a similar position with
Money Mailer, LLC in Garden Grove, CA.
Mr. Lee, age 35, has been with Azure for a total of five years in
various financial management positions with increasing responsibility
and most recently as the Vice President, Finance and Corporate
Controller since June, 2010. Mr. Lee was previously the Chief
Financial Officer of Vancouver based Carmanah Design and Manufacturing
Inc., a leading machinery and equipment manufacturer. Mr. Lee began
his career in 1998 and is a Certified General Accountant. He received
his bachelor's degree in accounting from the University of Calgary.
Harrison continued, "We've built great bench strength and continuity in
our finance department over the past several years, and everyone from
the management team to the board of directors has the utmost confidence
in Stephen as he assumes the interim CFO position. The board of
directors will begin the process of identifying a permanent replacement
and expects a seamless transition throughout this period."
For more information on how Azure Dynamics products are Driving a World
of Difference, please visit www.azuredynamics.com.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) is a world leader in
the development and production of hybrid electric and electric
components and powertrain systems for light and medium duty commercial
vehicles. Azure is strategically targeting the commercial delivery
vehicle and shuttle bus markets and is currently working
internationally with a variety of partners and customers. The Company
is committed to providing customers and partners with innovative,
cost-efficient, and environmentally-friendly energy management
solutions. For more information please visit www.azuredynamics.com.
The TSX Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements Advisory
Certain information included in this press release constitutes
forward-looking statements and information and future-oriented
financial information under applicable securities legislation and is
provided for the purpose of expressing management's current
expectations and plans for the future. Readers are cautioned that
reliance on such information may not be appropriate for other purposes,
such as making investment decisions.
More particularly, this press release contains statements concerning
Azure's anticipated transition to an interim CFO and identification of
a permanent replacement CFO. The forward-looking statements are based
on a number of key expectations and assumptions made by Azure,
including expectations and assumptions concerning achievement of
current timetables for development programs and sales, target market
acceptance of Azure's products, current and new product performance,
availability and cost of labor and expertise, and evolving markets for
power for transportation vehicles. Although Azure believes that the
expectations and assumptions used to develop the forward-looking
statements are reasonable, undue reliance should not be placed on the
forward-looking statements because Azure can give no assurance that
they will prove to be correct.
Since forward-looking statements address future events and conditions,
by their very nature they involve numerous risks and uncertainties that
contribute to the possibility that the projections and forecasts in the
forward-looking statements will not occur and that actual performance
or results could differ materially from those anticipated in the
forward-looking statements. These risks and uncertainties include, but
are not limited to, the risks associated with Azure's stage of
development, history of losses and lack of historical product revenues,
uncertainty as to product development and sales milestones being met,
product defect and performance risks, competition for capital and
market share, uncertainty as to target markets, dependence upon third
parties, changes in environmental laws or policies, uncertainty as to
patent and proprietary rights, availability and retention of management
and key personnel, exchange rate and currency fluctuations,
uncertainties relating to potential delays or changes in plans with
respect to product development or capital expenditures, the ability of
Azure to access sufficient capital on acceptable terms, and
environmental and safety risks. This is not an exhaustive list and
additional information on these risks and other factors that could
affect Azure's operations and financial results are included in reports
on file with the Canadian securities regulatory authorities and can be
accessed through the SEDAR website at www.sedar.com.
The forward-looking statements contained in this press release are made
as of the date hereof and Azure undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws. Additionally, Azure
undertakes no obligation to comment on the expectations of, or
statements made by, third parties about Azure.
SOURCE Azure Dynamics Corporation
For further information:
Juris Pagrabs, Vice President, Investor Relations, (248) 298-2403 ext 7570