Azure Dynamics announces closing of previously announced private placement



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/
    

    OAK PARK, MI, Aug. 13 /CNW/ - Azure Dynamics Corporation (TSX: AZD) -
("Azure" or the "Company"), a leading innovator in the development of
environmentally friendly and cost effective hybrid electric and electric
technologies for commercial vehicles, announced today that it has closed its
previously announced private placement offering of 58,823,529 common shares at
a price of CDN$0.17 per common share (the "Issue Price") for gross proceeds of
approximately CDN$10,000,000 (the "Offering").
    The Offering was conducted through a syndicate of agents co-led by
Raymond James Ltd. and TD Securities Inc. and including Paradigm Capital Inc.
and Stonegate Securities, Incorporated as co-managers (collectively, the
"Agents").
    As part of the Offering, the Company issued an aggregate of 1,285,294
common shares at the Issue Price to the following executive officers and
directors of the Company.

    
                                          Total Share Holdings Following the
    Name             Number of Shares                 Offering

    Nick Brigstocke       294,117                      708,685
    Brian Colburn          44,118                       44,118
    Jim Gouin             147,059                      147,059
    Scott Harrison        264,706                      644,706
    Curt Huston            88,235                      128,235
    Ron Iacobelli          88,235                      282,254
    Jay Sandler            58,824                       78,824
    Dennis Sharp          300,000                    2,212,410
    

    The Company plans to use the net proceeds of the Offering to fund its
ongoing product development and commercialization efforts as well as general
corporate purposes.
    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities of Azure in the United States. The
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or unless
an exemption from such registration is available.

    About Azure Dynamics

    Azure Dynamics Corporation (TSX: AZD) 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 Exchange does 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: Ryan Carr, Chief Financial Officer, (248)
298-2403 Ext. 1206, Email: rcarr@azuredynamics.com; Pat Liebler, Liebler
Group, (313) 832-4376, Email: pat@lieblergroup.com

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AZURE DYNAMICS CORPORATION

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