OAK PARK, Michigan, Sept. 19 /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 that it has
established its new corporate headquarters in Oak Park, Michigan, in the
greater Detroit area.
"We are pleased to have found a facility in a strategic location that
meets all of our ongoing business development and production needs," said
Scott Harrison, Azure's Chief Executive Officer. "As we continue to advance
our commercialization activities, and with the scope of our opportunity in
working with Ford Motor Company and other automotive industry leaders, it is
important for us to be in close proximity to these key players."
"Azure's decision to locate its headquarters here attests to Michigan's
leadership in the alternative fuel industry," Michigan Governor Jennifer M.
Granholm said. "We look forward to partnering with Azure as the company grows
and creates high-tech jobs and diversifies our 21st century economy."
With the establishment of its head office in Oak Park, Michigan, the
State of Michigan has granted Azure a tax credit valued at more than
US 1.7 million over the next seven years. The city of Oak Park has also
proposed an 11-year local tax abatement worth an estimated US$55,400.
"Both the State of Michigan and the city of Oak Park have demonstrated
strong support for our move and we look forward to growing our business from
our new headquarters," added Mr. Harrison.
Azure does not expect that there will be any material changes to employee
counts at its other facilities. The Company will maintain its electric drive
solutions business unit and facility in Boston, Mass., and the bulk of its
hybrid and hybrid-electric systems engineering and technology development team
will remain at its facility in Vancouver, B.C. The Company will also maintain
a service facility in Mississauga, Ontario to support major customers in the
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 www.azuredynamics.com.
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 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.
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: Steven Glaser, Vice-President, Corporate
Affairs, (416) 367-0220 ext 105, Email: firstname.lastname@example.org