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OAK PARK, MI, Aug. 27 /CNW/ - Azure Dynamics Corporation (TSX: AZD, LSE:
ADC & OTCQX: AZDDF) - ("Azure" or the "Company"), a leading developer of
hybrid electric and electric powertrains for commercial vehicles, announced
today that it has closed a private placement offering of 100,000,000 common
shares at a price of CDN$0.25 per common share (the "Issue Price") for gross
proceeds of CDN$25,000,000 (the "Offering").
As part of the Offering, four of the Company's directors purchased
1,640,000 shares in aggregate at the Issue Price.
Director Name Number of Shares Price Total Holding
following the Offering
Dennis Sharp 1,000,000 CDN$0.25 1,912,410
Cam Deacon 80,000 CDN$0.25 1,133,243
James Padilla 400,000 CDN$0.25 720,000
Scott Harrison 160,000 CDN$0.25 380,000
Raymond James Ltd. acted as agent to Azure in Canada, and Numis
Securities Limited acted as agent to Azure in the United Kingdom and certain
other foreign jurisdictions, in connection with the Offering.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) (OTCQX: AZDDF) 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
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.
Numis Securities Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for the
Company and for no one else in relation to the Offering and will not be
responsible to anyone other than the Company for providing the protections
afforded to their clients or for providing advice in relation to the Offering
or any other matter referred to in this announcement.
Forward Looking Statements
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning Azure
Dynamics' business development strategy, projected commercial revenues and
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: ON AZURE DYNAMICS, CONTACT: Azure Dynamics,
Ryan Carr, Chief Financial Officer, (248) 298-2403, Email: