OAK PARK, MI, Nov. 9 /CNW/ - Azure Dynamics Corporation (TSX: AZD) - ("Azure") or (the "Company"), a leading developer of state-of-the-art green technologies that address environmental and cost issues for the commercial transportation industry, announced today that FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX), has purchased fifty-one (51) additional Azure Balance(TM) Hybrid Electric walk-in vans to be delivered in November and December 2009. Most of the 51 vehicles will be put into service at the first FedEx all-hybrid facility in Bronx, N.Y. FedEx has had 20 previously purchased Azure walk-in vans in active service at a number of California stations for the past year.
"We're always looking to broaden our customer base, but earning large re-orders from customers like FedEx Express is sometimes even more rewarding," said Scott Harrison, Azure Dynamics CEO. "FedEx is an incredibly astute fleet operation with 274 hybrid electric and electric vehicles among its 1,800 alternative fuel vehicles. The fact that the performance of our vehicles has met their rigorous demands and encouraged this additional large order is particularly gratifying."
"Even during a challenging fiscal year, FedEx has continued to make investments in hybrid electric and electric vehicles a priority because of the long-term value in vehicle technologies that reduce fuel costs and pollution," said John Formisano, Vice President of Global Vehicles, FedEx Express. "FedEx now operates seven different hybrid or electric truck models around the globe, demonstrating that commercial delivery vans can reduce pollution and increase efficiency without any sacrifice in performance and durability."
The New York State Energy Research and Development Authority (NYSERDA) is providing a grant to FedEx for the Azure hybrids. NYSERDA, in part, aims to maintain momentum for the State's efforts to develop competitive markets for energy efficiency.
With its electric-launch assist, engine-off at idle and regenerative braking, the Azure Balance(TM) Hybrid Electric walk-in vans specified by FedEx are ideally suited for the tough start and stop conditions endured in the everyday traffic of one of the world's busiest cities. The FedEx Express New York all-hybrid facility demonstrates that cleaner hybrid electric technologies are a viable alternative to conventionally equipped trucks.
The Azure order was placed through Automotive Resources International (ARI), a major fleet management company based in Mount Laurel, New Jersey. ARI has evolved into the largest privately-held fleet leasing and management company in the world.
For more information about Azure Dynamics and its products, please visit www.azuredynamics.com.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD) 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.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $34 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 275,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit www.fedex.com.
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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 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 securities laws.
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