At its plant in Wakarusa, Indiana, Utilmaster will integrate
Press release from Azure Dynamics after the jump.
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Azure Dynamics and Utilimaster Sign Supply Agreement for Hybrid Vehicle Integration
Oak Park, Michigan – February 26, 2008 – Azure Dynamics Corporation (TSX: AZD & LSE: ADC) ("Azure") a leading developer of hybrid electric and electric powertrains for commercial vehicles, today announced that it has signed a supply agreement 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 buses.
"Azure first announced its planned partnership with Utilimaster in August 2007," said Scott Harrison, Azure's Chief Executive Officer. "Since then, significant progress has been made by both parties to reach production readiness. We are on track to begin delivery of production Ford E-Series parallel hybrid commercial delivery vehicles to our customers."
Under terms of the agreement, Azure provides Utilimaster with its P1 hybrid electric powertrains, which Utilimaster will integrate into Ford Motor Company's E-Series commercial chassis at Utilimaster's manufacturing facilities in Wakarusa, Indiana.
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. 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 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 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.
[Source: Utilmaster / Azure Dynamics via www.tradingmarkets.com]