- Azure Dynamics receives order for 18 Balance(TM) Hybrid Electric
shuttle buses from North Central Texas Council of Governments
- A Federal Transit Administration grant will help offset acquisition
- Buses to be delivered by the end of 2010
OAK PARK, MI, May 25 /CNW/ - Azure Dynamics Corporation (TSX: AZD)(OTC:AZDDF) the fast growing hybrid electric and electric power train innovator for the commercial truck market, today announced that the North Central Texas Council of Governments (NCTCOG) has ordered 18 Balance(TM) Hybrid Electric shuttle buses. The vehicles, which will be deployed in five different rural transit systems primarily in the North Central Texas (Dallas Fort Worth) area, are funded via an American Recovery and Reinvestment Act of 2009 Transit Capital Assistance program grant. Azure partnered with StarTrans Bus and Lasseter Bus and Mobility to submit the winning response to the NCTCOG RFP.
"The 18 unit NCTCOG pilot program puts our product in the hands of five new end users which have all demonstrated their interest in cleaner transportation solutions," said Jay Sandler, Azure Dynamics' Vice President of Sales. "Our Balance(TM) Hybrid Electric drivetrain will deliver the environmental benefits that the customers want and that the communities deserve, and our up to 40% fuel economy improvement and reduced maintenance costs are extremely attractive ancillary benefits."
The StarTrans shuttle bus bodies specified on the agreement are ADA accessible and lift-equipped for 10 ambulatory passengers plus two wheelchair passengers or 14 ambulatory passengers. Lasseter Bus and Mobility in Lewisville, TX managed the transaction.
"The combination of access to government funding support and significant economic and environmental benefits has increased the call for green transportation solutions at our dealership," said Jason Roy, Commercial Bus Sales Manager at Lasseter Bus. "This is a pilot program for NCTCOG and we hope to attract additional orders as the customer begins to fully appreciate and enjoy the performance benefits."
With features like engine-off at idle and regenerative braking, the Azure Balance(TM) Hybrid Electric drivetrain is gaining popularity for fuel economy improvements, lower maintenance costs and reduced greenhouse emissions. The Azure technology is integrated on the class-leading Ford E450 chassis with a 5.4 litre Triton gasoline engine and a five-speed automatic TorqShift transmission. It is the only hybrid electric shuttle bus in its class to have completed the federally required seven year, 200,000 mile accelerated durability Altoona test.
For more information on how Azure Dynamics products are Driving a World of Difference, please visit www.azuredynamics.com.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTX: 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.
About Lasseter Bus & Mobility
Lasseter Bus & Mobility was founded in 1989 and has been located in suburban Dallas since its inception and in Lewisville since 1997. The sole focus of the business is the sale and service of passenger buses throughout the north half of Texas and Oklahoma. Lasseter started out as a dealer for ElDorado Bus, which is owned by Thor Industries, a NYSE company that has grown to become the largest manufacturer of small and mid size buses in North America. Since that time Lasseter has expanded its selection of brands to include buses manufactured by Collins Bus, Startrans, General Coach, and Turtle Top. Lasseter provides sales and service for buses as large as double decker and advanced 40 foot public transit buses, all the way down to wheelchair accessible minivans.
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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 labor 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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