- Azure Dynamics previously announced AT&T as its first lead customer
for the Ford Transit Connect Electric
- The exclusive supply of 2010 Transit Connect Electric vans will be
allocated to Azure's lead customers for delivery in the fourth
- Each lead customer will also commit to a minimum of ten 2011 Ford
Transit Connect Electric vans
OAK PARK, MI, March 17 /CNW/ - Azure Dynamics Corporation (TSX:AZD) (OTC: AZDDF), which announced the sale of the first two Ford Transit Connect Electric vans to AT&T last week, today said that an initial allotment of ten vans will be produced late this year and will be exclusively available to Azure's lead customers. Azure is the world's leading producer of hybrid electric and electric vehicles for the commercial vehicle industry and is the sole upfitter of the electric version of the Ford Transit Connect, the 2010 "North American Truck of the Year."
"Our lead customers understand the economic and environmental value proposition of the Ford Transit Connect Electric and now we're working with them to establish commitments for 2011," said Scott T. Harrison, Azure CEO. "This program makes a Transit Connect Electric available to lead customers by year-end, provided that the customer commits to a follow-up order of ten or more units in 2011."
Harrison said that Azure Dynamics recognized that there would be heavy initial demand for the Transit Connect Electric and developed its lead customer strategy for the vehicle last fall. "This is a great product that a lot of companies are going to want for their fleets," Harrison said. "Azure will announce additional lead customer sales of the Transit Connect Electric as they are finalized."
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD) (OTC: 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 solutions. For more information please visit www.azuredynamics.com.
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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.
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SOURCE AZURE DYNAMICS CORPORATION
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