/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
OAK PARK, MI, June 11 /CNW/ - Azure Dynamics Corporation (TSX: AZD)
("Azure Dynamics" or the "Company"), a leading developer of innovative hybrid
green technologies that address environmental and cost issues for operators of
commercial vehicle fleets, is pleased to announce a best efforts private
placement offering of approximately CDN$10 million of common shares at a price
to be determined in the context of the market (the "Offering").
The Offering will be 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"). In consideration for their efforts under the Offering, the Agents
will be paid a cash fee equal to 6% of the gross proceeds of the Offering,
payable on closing of the Offering. The closing of the Offering is expected to
occur in early July.
The Offering is subject to regulatory approvals including the approval of
the Toronto Stock Exchange. All securities issued pursuant to the Offering
will be subject to applicable statutory, exchange and regulatory hold periods.
The Company plans to use the net proceeds of the Offering to fund its
ongoing product development and commercialization efforts as well as general
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities of Azure Dynamics 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 Toronto Stock Exchange does 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
Dynamics' business development strategy and projected commercial revenues.
The forward-looking statements are based on certain key expectations and
assumptions made by Azure Dynamics, including expectations and assumptions
concerning achievement of current timetables for development programs, target
market acceptance of Azure Dynamics' products, current and new product
performance, availability and cost of labour and expertise, and evolving
markets for power for transportation vehicles.
Although Azure Dynamics 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 Dynamics
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 Dynamics' 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
Dynamics' products and unproven acceptance of Azure Dynamics' 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 Dynamics' 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 Dynamics 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: email@example.com; Pat Liebler, Liebler
Group, (313) 832-4376, Email: firstname.lastname@example.org