Former Magna International Executive Joins Board
27 April 2009 - 5:00PM
UK Regulatory
TIDMADC
Former Magna International Executive Joins Azure Dynamics' Board of Directors
OAK PARK, MI, April 27 /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
appointment of J. Brian Colburn to its Board of Directors, subject to normal
regulatory approvals and procedures. Colburn recently retired after serving as
a senior executive at Magna International Inc. for almost 30 years. He
replaces Robert A. Donaldson who is stepping down from the Azure Board of
Directors after six years.
"Bob Donaldson was a valuable asset to the Board of Directors, and we'll
miss his wise and knowledgeable counsel," said D. Campbell Deacon, Chairman of
the Board for Azure Dynamics. "At the same time we are very happy to welcome
Brian Colburn to the Board of Directors. Brian's extensive legal and business
background will be of significant benefit to Azure in pursuing its overall
goal 'to drive a world of difference'."
Mr. Colburn was called to the Ontario bar in 1970 and received his LLM in
Business Law in 1981. After approximately 10 years of practicing law with a
major Toronto law firm and serving as Canadian legal counsel for a large
agricultural and industrial equipment company, he joined Magna in 1981 as
Vice-President, Secretary and General Counsel. Since then he has held a number
of senior management positions as Magna grew from $200 million to over $25
billion in revenues and has been actively involved in corporate governance,
human resources (including executive compensation), risk management and
intellectual property and supervised global legal affairs.
Other that the information contained within the Appendix below, there is
no other information pursuant to the appointment of John Brian Colburn (66)
which is required to be disclosed under Schedule Two, Annex III (g) of the AIM
Rules.
Appendix:
Within the past five years, John Brian Colburn has been and remains
(unless otherwise stated) a director of the following companies:
Magna International Inc.
Global Automotive Components
CPI Plastics Group Limited - ceased as a director on 10 January 2009
CPI Plastics Group Limited was put into receivership on 10 January 2009
which is on-going. Mr. Colburn was a director on the board of CPI Plastics
Group Limited from 11 May 2006 until 10 January 2009
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 Exchange does 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
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.
For further information: Ryan Carr, Chief Financial Officer, Tel: (248)
298-2403 ext 1206, Email: rcarr(at)azuredynamics.com; Pat Liebler, Liebler
Group, Tel: (313) 832-4376, Email: pat(at)lieblergroup.com; Stuart Skinner,
Richard Kenny, Numis Securities Limited, as Nominated Adviser, Tel: +44 207
260 1000; David Poutney, Numis Securities Limited, as Broker, Tel: +44 207 260
1000
(AZD. ADC)
END
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