Azure Dynamics announces filing of final short form prospectus for previously announced offering of common shares


    OAK PARK, MI, Oct. 16 /CNW/ - Azure Dynamics Corporation (TSX: AZD & LSE:
ADC) ("Azure" or the "Company") a leading developer of hybrid electric and
electric powertrains for commercial vehicles today announced the filing of a
final short form prospectus in each of the Provinces in Canada in connection
with the previously announced marketed short form prospectus offering of the
Company (the "Offering").
    Paradigm Capital Inc. and Raymond James Ltd. are acting as co-lead agents
in connection with the Offering. The syndicate also includes Clarus Securities
Inc. and Desjardins Securities Inc. Pursuant to the Offering, the Company has
agreed to issue and sell up to 81,100,000 common shares at a price of
CDN $0.37 per common share, for aggregate gross proceeds of up to CDN
    The Offering is expected to close on or about October 23, 2007. The
Offering is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the Toronto
Stock Exchange ("TSX"). Application has been made for the shares to be
admitted to trading on AIM and admission is expected on or about October 24,

    The Company plans to use the proceeds of the Offering to fund ongoing and
future engineering and product development programs and for general corporate

    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.
    For more information, please visit

    The TSX and LSE Exchanges do not accept responsibility for the adequacy
    or accuracy of this release.

    Forward-looking Statements

    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
    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
securities laws.

For further information:

For further information: Daniel Renzella, Senior Vice-President, Finance
and CFO, (781) 932-9009, Email:; Steven Glaser,
Vice-President, Corporate Affairs, (416) 367-0220, Email:

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