OAK PARK, MI, Apr. 22, 2010 (Canada NewsWire Group) -- /CNW/ -- California fleet operators just got another big reason to purchase fuel efficient and environmentally friendly trucks and buses from Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF). The company's proprietary Balance(TM) Hybrid Electric drive train solution has been approved by the environmentally-focused state for aggressive financial incentive programs.
The California Hybrid Voucher Incentive Program (HVIP) can help fleet owners significantly offset Azure technology costs with incentives of up to $30,000. The HVIP program was funded by the California Legislature with a fixed amount of money allocated and thus Azure is encouraging potential customers to order hybrid vehicles as soon as possible to ensure availability of incentive funding.
"We believe that the Balance(TM) Hybrid Electric's value proposition makes it a smart buy independent of government incentives," said Scott Harrison, Azure Chief Executive Officer, but the incentives are a great added stimulus. Economic conditions in 2009 discouraged many fleet operators from acquiring and replacing vehicles. As a result, there is an emerging demand bubble for new vehicles and we expect the California incentives to help convert these prospects into buyers."
Harrison noted that customers receive the incentives on the acquisition side in addition to the operational benefits associated with Azure's Balance(TM) Hybrid Electric performance attributes. "It's two bites at the apple and makes our products extraordinarily attractive, especially versus conventionally equipped buses and trucks," he said.
Azure's sales strategy of working with the dealer networks and premier body manufacturers and Ford commercial truck dealers has proven successful and is being quickly mobilized to handle the expected increased activity in California. Azure has signed sales and service agreements with a number of Ford commercial truck dealerships representing major California markets, including: Sacramento, Irvine, Los Angeles, Santa Fe, Fresno, San Jose and Oakland to name a few.
As concerns centering on the economy, energy and environment continue, Azure remains 'Part of the Solution' by providing efficient transportation solutions. The new incentive programs in California will help small businesses, small fleets, and large fleet operators overcome the economic barrier to acquisition.
Customers outside of California can qualify for other incentive programs like those administered through the Federal Transit Administration (FTA), and the Department of Energy (DOE) as well as numerous state, local and private grant opportunities.
For more information on how Azure Dynamics products are Driving a World of Difference, please visit www.azuredynamics.com.
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 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.
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 labor 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.