OAK PARK, MI, Oct. 10 /CNW/ - Azure Dynamics Corporation (TSX: AZD & LSE:
ADC) ("Azure") a leading developer of hybrid electric and electric powertrains
for commercial vehicles, today announced that it has signed a supply agreement
with Kidron, Incorporated ("Kidron"), a division of VT Specialized Vehicles
Corporation ("VT SVC"). The supply agreement encompasses branding, marketing
and sale of Azure's Low Emission Electric Power ("LEEP") systems throughout
the North American refrigerated truck body market.
The Agreement structure has Azure providing Kidron with LEEP systems for
integration into their cold plate refrigerated truck and truck body units.
Kidron will market this product through its direct sales force and
distribution channels across North America.
"This formalized agreement represents a significant milestone for Azure,
as we now have an industry-leader in the refrigerated truck segment actively
marketing the LEEP system to their customers," said Scott Harrison, Azure's
Chief Executive Officer. "We are excited to partner with an industry leader
like Kidron, to help them advance their commitment to customer driven
Azure's LEEP system uses the vehicle powertrain to generate clean
electric power for a range of auxiliary and export power applications. The
LEEP system delivers significant improvements in fuel utilization and emission
levels by allowing the vehicle to power auxiliary loads with the engine off.
The LEEP system has a wide range of applications beyond refrigeration
including utility and telecomm. Azure believes that the LEEP market available
to it is estimated at 160,000 units per year. Refrigeration represents
approximately 30% of this market.
The LEEP system developed for Kidron stores energy in the cold plate
refrigeration system when the engine is running. When the engine is off, the
stored energy is used to maintain refrigeration temperatures. The LEEP system
also allows the vehicle to operate in engine off mode while still maintaining
the desired temperature in the refrigeration unit. Furthermore, by allowing
the system to operate with the engine off, the LEEP system provides a solution
for increasing anti-idle regulations across North America. Lastly, the LEEP
system has the potential to replace the ancillary motors/generators used in
the other method of cooling refrigerated trucks, thereby reducing initial
capital cost, fuel consumption, noise and emissions.
Kidron's cold plate technology provides excellent energy storage
capability and quieter operations at delivery sites compared to engine-driven
About VT Specialized Vehicles Corporation
VT Specialized Vehicles Corporation (VT SVC), a company of VT Systems
(VTS), is the leading manufacturer in North America for specialized truck
bodies and trailers that services the multi-stop food and beverage service
distributors and municipal emergency rescue departments. Its two divisions,
Hackney and Kidron, specialize in beverage truck bodies and trailers,
emergency rescue bodies and trailers, special application truck bodies and
multi-temperature refrigerated truck bodies and trailers. Kidron's innovative
use of construction techniques and materials that result in the lightest
possible weight underscores its strong track record for the production of
refrigerated bodies, dry freight truck bodies, cutaway dry freight bodies and
service bodies. Headquartered in Kidron, Ohio, Kidron provides fast, efficient
service to a nationwide customer base through a network of dedicated
distributors and manufacturing facilities in Lakeland, Florida; Tulare,
California; and Montgomery, Pennsylvania.
For more information, please visit www.vtsvc.com.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) is a world leader in the
development and production of hybrid electric and electric components and
powertrain systems for commercial vehicles. Azure is strategically targeting
the commercial delivery vehicle and shuttle bus markets and is currently
working internationally with various 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 and LSE Exchanges do not accept responsibility for the adequacy
or accuracy of this release.
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning Azure's
business development strategy, projected commercial revenues and product
The forward-looking statements are based on certain key expectations and
assumptions made by Azure, including expectations and assumptions concerning
achievement of current timetables for development programs, target market
acceptance of Azure's products, current and new product performance,
availability and cost of labour and expertise, and evolving markets for power
for transportation vehicles.
Although Azure believes that the expectations and assumptions on which
the forward-looking statements are based 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
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with Azure's early stage
of development, lack of product revenues and history of losses, requirements
for additional financing, uncertainty as to commercial viability, uncertainty
as to product development and commercialization milestones being met,
uncertainty as to the market for Azure's products and unproven acceptance of
Azure's technology, competition for capital, product market and personnel,
uncertainty as to target markets, dependence upon third parties, changes in
environmental laws or policies, uncertainty as to patent and proprietary
rights, availability of management and key personnel, and acquisition
integration risk. These risks are set out in more detail in Azure's annual
information form which can be accessed 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
For further information:
For further information: ON AZURE, CONTACT: Steven Glaser,
Vice-President, Corporate Affairs, (416) 367-0220, Email:
firstname.lastname@example.org; FOR MORE INFORMATION ON KIDRON, CONTACT: Mike
Tucker, President, (252) 946-6521, E-mail: email@example.com