OAK PARK, MI, March 19 /CNW/ - Azure Dynamics Corporation (TSX: AZD &
LSE: ADC) ("Azure") a leading developer of hybrid electric and electric
powertrains for commercial vehicles, today announced it has signed a
Memorandum of Understanding (MOU) with a leading manufacturer of aerial boom
trucks for the electric utility, telecommunications and contractor markets.
The MOU includes the branding, marketing and sale of Azure's Low Emission
Electric Power ("LEEP") systems within the electric utility and telecom
"Our agreement is an important step in moving Azure's LEEP system into
yet another major market," said Scott Harrison, Azure's Chief Executive
Officer. "Azure is proud to align itself with another industry-leader and we
look forward to working with them in marketing and selling the LEEP system
throughout their extensive customer base."
Under the proposed terms of the MOU, Azure will supply LEEP systems that
are specifically adapted to the boom truck applications. The systems will be
integrated into its trucks and the manufacturer has agreed to brand and market
the product throughout its North American truck body market segment.
Azure's LEEP system delivers significant reductions in fuel utilization
and emission levels. Its hybrid technology stores energy when a vehicles
engine is running. When the engine is off, the stored energy is used to power
the hydraulic boom and other auxiliary power requirements. The LEEP system is
also a natural anti-idle system. Stationary engine run-time can be reduced by
approximately 90% compared to conventional systems.
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: Dean McGrew, Vice-President, Business
Development, (781) 781-9009, Email: email@example.com; Bruce G.
MacDonald, Liebler!MacDonald, (248) 233-8062, Email: firstname.lastname@example.org