TORONTO, April 17 /CNW/ - Azure Dynamics Corporation (TSX: AZD & LSE:
ADC) ("Azure" or the "Company") announces the retirement of Thomas N. Davidson
as Chairman of the Board and the appointment of Mr. Scott T. Harrison, P. Eng,
as Chief Executive Officer, effective April 16, 2007. D. Campbell Deacon
becomes Chairman of the Board, also effective April 16, 2007.
In announcing the appointment of Mr. Harrison as his successor, Mr.
Deacon emphasised, "The Board and Executive Management of Azure Dynamics are
determined to ensure the Company has the appropriate skills to successfully
manage the transition from development stage to commercial production. Scott
Harrison has extensive production and supply chain experience with both new
and established products and he represents an ideal fit to advance our product
commercialization. What is critical to our Company today is the ability to
deliver the best quality product at economic prices. We believe Scott has the
skills required to ensure Azure achieves all of its goals and realizes its
Mr. Harrison stated, "I am very pleased to be joining the Azure Dynamics
organization and to bring to it my years of experience in the automotive
supply sector. It is now clear the world will be spending billions of dollars
over the next decade on environmental solutions to global warming. It is very
exciting to lead a company that, through its innovative hybrid technology, is
well positioned to be part of the solution for the future."
Deacon went on to express his and the Board's gratitude to retiring
Chairman Tom Davidson who provided valuable guidance for almost three and a
half years as Azure concluded supply agreements, developed its customer base
and raised the funds required to achieve commercialization.
About Scott Harrison
Scott Harrison comes to Azure Dynamics from Hayes Lemmerz, a two billion
US dollar per annum Tier 1 auto supplier, where he was Group President
responsible for two global businesses. Scott began his automotive career with
General Motors where he spent seven years in various positions of increasing
responsibility at the Delco Chassis Division. During this time he participated
in GM's Supervisor Exchange Program with Toyota Motor Corporation.
Before joining Hayes Lemmerz in 2001 from Fisher Scientific Inc., where
Scott was Vice President and General Manager of the Lab Equipment Group, he
spent several years at Arvin Industries and at Allied Signal. At Allied
Signal, Scott directed the Six Sigma program in the Filters and Spark Plugs
SBU and was later responsible for global spark plug (Autolite) manufacturing.
He was also trained in Allied Signal's venerable strategic planning process.
Scott's General Management experience is in successfully introducing
innovative products, expanding markets, and landing new customers. With 17
years of direct experience in the automotive industry, Azure considers that
Scott has a strong record of sales growth, lean implementation, new product
introduction, and team building. In addition, his background in operations and
supply chain give him unique qualifications to lead Azure Dynamics.
He holds a Bachelor of Science degree in Electrical Engineering from Ohio
State University and a Master of Science degree in Electrical Engineering from
the University of Dayton, Ohio.
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. Azure Dynamics'
operations are based in North America and Europe.
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: Steven Glaser, Vice-President, Corporate
Affairs, (416) 367-0220 ext 105, Email: email@example.com; David
Poutney, Numis Securities Ltd, (Nominated Adviser & Broker), +44 (0) 20 7260