Azure Dynamics signs Memorandum of Understanding with Utilimaster for hybrid vehicle integration

    TORONTO, Aug. 2 /CNW/ - Azure Dynamics Corporation (TSX: AZD & LSE: ADC)
("Azure" or the "Company"), a leading developer of hybrid electric and
electric powertrains for commercial fleet vehicles, today announced it has
signed a Memorandum of Understanding ("MOU") with Utilimaster Corporation
("Utilimaster"), a leading builder of step vans, commercial truck bodies and
utility vehicles, for the assembly, hybridization and manufacturing
engineering of Azure's P1 hybrid electric commercial delivery vans and shuttle
    Under proposed terms of the MOU, Azure will provide Utilimaster with its
P1 hybrid electric powertrains, which Utilimaster will integrate into Ford
Motor Company's ("Ford") E-Series commercial chassis at Utilimaster's
manufacturing facilities in Wakarusa, Indiana.
    "This business arrangement with Utilimaster represents a vital link in
our supply chain for the production of our P1 hybrid electric commercial
delivery vans. We expect this agreement will result in significant cost
efficiencies as we increase production volumes of the Ford E-Series hybrid
delivery vans," said Scott Harrison, Chief Executive Officer of Azure
Dynamics. "As a major Ford Pool Account, Utilimaster has extensive knowledge
of the Ford E-Series chassis and meets all of the Ford process and quality
requirements. We look forward to working with an industry leader like
Utilimaster, who has built and delivered quality custom vehicles for some of
the world's largest fleet operators for more than two decades."
    "With 600,000 square feet of manufacturing and support facilities and
approximately 1,000 employees, we have the breadth, capability and experience
to accommodate the anticipated growth in demand for the Ford E-Series hybrid
commercial vans and shuttle buses," said Larry Doyle, President and Chief
Executive Officer of Utilimaster. "We look forward to working with Azure
Dynamics and Ford Motor Company in bringing the E-Series hybrid commercial
delivery vehicles and shuttle buses to market."

    About Utilimaster
    Located in Wakarusa Indiana, Utilimaster Corporation has been building
quality custom commercial vehicles that include walk-in vans, parcel delivery
vans and truck bodies since 1973. Winner of many awards and ISO 9001
certification, Utilimaster is dedicated to designing, building, and servicing
vehicles. With multiple modern plants dedicated to designing and building the
vehicles bodies, Utilimaster has a broad customer base in many industries,
including the package delivery, truck rental, bakery/snack delivery,
linen/uniform rental, and utilities markets.

    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: Steven Glaser, Vice-President, Corporate
Affairs, (416) 367-0220 ext 105, Email:

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