OAK PARK, MI, June 30 /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 it has signed its first dealer, Palmetto Truck Center, with a Sales &
Service agreement. The agreement allows Palmetto to serve growing market
demand for Azure's new fuel efficient, low maintenance and environmentally
friendly Balance Hybrid Electric E450 commercial vehicle.
The Balance Hybrid Electric is integrated on Ford's E450 Cutaway and
Strip Chassis drive system managing the conventional 5.4 litre Triton gasoline
engine and the 5-speed automatic TorqShift transmission. The hybrid powertrain
features electric-launch assist, engine-off at idle and regenerative braking
improving the vehicle's fuel economy by up to 40 percent, reducing maintenance
cost by up to 30 percent and minimizing greenhouse gas emissions.
"We sought a dealership partner that has proven excellence in the
commercial truck market," said Jay Sandler, Vice President of Sales for
Azure Dynamics. "Palmetto immediately understood the significant value
proposition of the Azure Balance Hybrid Electric vehicle. Together, we are
eager to take our product to market in South Florida and beyond."
Azure Dynamics plans to sign approximately 50 dealers in the next year in
major metro markets in the United States and Canada. The Company has already
identified 33 initial target markets. Prior to the Palmetto relationship,
Azure had been selling direct to market. However, expected demand and recently
announced orders from major fleet owners like AT&T and FedEx have encouraged
the Company to broaden its distribution network by partnering with
highly-regarded commercial vehicle specialists.
For more information about Azure Dynamics and its family of hybrid
electric and electric commercial vehicles, please visit www.azuredynamics.com.
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
solutions. For more information please visit www.azuredynamics.com.
About Palmetto Truck Center
Palmetto Truck Center, Inc. is a second generation family-owned and
operated truck dealership. Serving the South Florida community since 1966,
Palmetto Truck Center is the largest Ford wholesale parts distributor in
Miami-Dade and Broward Counties servicing businesses throughout the area and
exporting to countries around the world. While the dealership specializes in
all size commercial truck sales, it has a sizeable retail business featuring
sport utility vehicles, vans and light trucks.
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: Ryan Carr, Chief Financial Officer, (248)
298-2403, Email: firstname.lastname@example.org; Pat Liebler, Liebler!MacDonald,
(313) 832-4376, Email: email@example.com; David Poutney, Stuart Skinner,
Richard Kenny, Tel: +44 207 260 1000, Numis Securities Limited, Nominated
Adviser to the Company