OAK PARK, Michigan,
March 15, 2011 /PRNewswire/ -- Azure
Dynamics Corporation (TSX: AZD)(OTC: AZDDF) ("Azure" or the
"Company"), a world leader in the development and production of
hybrid electric and electric components and powertrain systems for
commercial vehicles, announced today that it has opened its new
European headquarters office in North
London to support its sales and marketing efforts for the
new all-electric Ford Transit Connect, which is scheduled for
European production in June, 2011.
"Since its introduction in 2002, the Ford Transit Connect has
had phenomenal sales success in cities across Europe and we're eager to launch its
all-electric counterpart, Transit Connect Electric," said
Scott Harrison, CEO of Azure
Dynamics. "Since receiving the first 14 Transit Connect Electric
vehicles in Europe this past
December, we are very encouraged by the initial reaction and
interest from both European public and private commercial fleet
operators. Many of our potential customers have experience with the
conventional gas vehicle and are now eager to enjoy the operational
and environmental benefits of our pure-electric ForceDriveTM
powertrain."
Transit Connect Electric offers a unique combination of driving
dynamics, cargo capacity, accessibility and low costs of operation.
It can achieve a range of 80 - 130 kilometers (50 - 80 miles)
depending on auxiliary power usage and drive cycle, and has a top
speed of 125 kph (75 mph). The lithium ion battery is rechargeable
in approximately six hours using a 230-volt outlet.
Azure's new European facility will be responsible for all
European operations including engineering and program coordination,
manufacturing activities, sales and marketing and service support.
The North London facility, located
in Arlington Business Park in Stevenage, has a 4,800 square foot office
space, and a workshop area that can accommodate Azure vehicles
along with key diagnostic equipment for vehicles and electric
powertrain components. The East of England Development Agency
(EEDA) helped Azure Dynamics Ltd locate the facility.
Azure has selected a European-based manufacturer to upfit the
Transit Connect Electric and expects to announce the partnership
upon the completion of the terms. Azure has been developing
electric powertrains for more than 20 years. Its innovative
ForceDriveTM technology has over 40 different vehicle integrations
to its credit and more than 35 million miles of real-world
experience.
In addition to the acclaimed Transit Connect Electric, Azure
also manufactures the BalanceTM Hybrid Electric delivery truck and
shuttle bus. The BalanceTM Hybrid Electric offers up to 40% fuel
economy improvement while reducing emissions by up to 30%.
For more information on how Azure Dynamics' products are Driving
a World of Difference, please visit http://www.azuredynamics.com.
The European office is located at:
Azure Dynamics Ltd.
Unit 10 The IO Centre
Arlington Business Park
Gunnels Wood Road
Stevenage
Herts, SG1 2BD
England
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) 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 a variety of 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
http://www.azuredynamics.com.
The TSX Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Forward-Looking Statements Advisory Certain information included
in this press release constitutes forward-looking statements and
information and future-oriented financial information under
applicable securities legislation and is provided for the purpose
of expressing management's current expectations and plans for the
future. Readers are cautioned that reliance on such information may
not be appropriate for other purposes, such as making investment
decisions.
More particularly, this press release contains statements
concerning Azure's anticipated: business development strategy,
customer orders, product deliveries, sales, revenue and revenue
growth. The forward-looking statements are based on a number of key
expectations and assumptions made by Azure, including expectations
and assumptions concerning achievement of current timetables for
development programs and sales, 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 used to develop the forward-looking
statements 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 numerous risks and
uncertainties that contribute to the possibility that the
projections and forecasts in the forward-looking statements will
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materially from those anticipated in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the risks associated with Azure's stage of development,
history of losses and lack of historical product revenues,
uncertainty as to product development and sales milestones being
met, product defect and performance risks, competition for capital
and market share, uncertainty as to target markets, dependence upon
third parties, changes in environmental laws or policies,
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retention of management and key personnel, exchange rate and
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or changes in plans with respect to product development or capital
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acceptable terms, and environmental and safety risks. This is not
an exhaustive list and additional information on these risks and
other factors that could affect Azure's operations and financial
results are included in reports on file with the Canadian
securities regulatory authorities and can be accessed through the
SEDAR website at http://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.
Additionally, Azure undertakes no obligation to comment on the
expectations of, or statements made by, third parties about
Azure.
For further information:
Gary Whittam, Sales &
Marketing Director - Europe, Azure
Dynamics Ltd., +44-(0)1277-725-652 Email:
gwhittam@azuredynamics.com
Mike Elwood, Marketing VP, Azure
Dynamics, Mississauga, Ontario,
Canada +1-905-607-3486 ext 6203 Email:
melwood@azuredynamics.com
Juris Pagrabs, Vice President,
Investor Relations, +1-(248)-298-2403 ext 7570 Email:
jpagrabs@azuredynamics.com
Patrick Liebler, Liebler Group,
+1-248-229-4418 Email: pat@lieblergroup.com