Azure Dynamics and Utilimaster sign supply agreement for hybrid vehicle integration



    OAK PARK, MI, Feb. 26 /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 Utilimaster Corporation ("Utilimaster"), a leading builder of step vans,
commercial truck bodies and utility vehicles, for the assembly, hybridization
and manufacturing engineering of Azure's P1 hybrid electric commercial
delivery vans and shuttle buses.
    "Azure first announced its planned partnership with Utilimaster in August
2007," said Scott Harrison, Azure's Chief Executive Officer. "Since then,
significant progress has been made by both parties to reach production
readiness. We are on track to begin delivery of production Ford E-Series
parallel hybrid commercial delivery vehicles to our customers."
    Under terms of the agreement, Azure provides Utilimaster with its P1
hybrid electric powertrains, which Utilimaster will integrate into Ford Motor
Company's E-Series commercial chassis at Utilimaster's manufacturing
facilities in Wakarusa, Indiana.

    About Utilimaster

    Located in Wakarusa Indiana, Utilimaster Corporation has been building
quality custom commercial vehicles that include walk-in vans, parcel delivery
vans and truck bodies since 1973. Utilimaster is dedicated to designing,
building, and servicing vehicles. With multiple modern plants dedicated to
designing and building the vehicles bodies, Utilimaster has a broad customer
base in many industries, including the package delivery, truck rental,
bakery/snack delivery, linen/uniform rental and utilities markets.

    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.

    Forward-looking Statements

    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
deliveries.
    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
securities laws.





For further information:

For further information: Steven Glaser, Vice-President, Corporate
Affairs, (416) 367-0220, Email: sglaser@azuredynamics.com

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