Mar. 15, 2011 (Canada NewsWire Group) --
OAK PARK, MI, March 15 /CNW/ - 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 www.azuredynamics.com. The European office is located at:
Azure Dynamics Ltd.
Unit 10 The IO Centre
Arlington Business Park
Gunnels Wood Road
Herts, SG1 2BD
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 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 not occur and that actual performance or results could differ 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, uncertainty as to patent and proprietary rights, availability and retention of management and key personnel, exchange rate and currency fluctuations, uncertainties relating to potential delays or changes in plans with respect to product development or capital expenditures, the ability of Azure to access sufficient capital on 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 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.
Gary Whittam, Sales & Marketing Director - Europe, Azure Dynamics Ltd., +44 (0) 1277 725 652
Mike Elwood, Marketing VP, Azure Dynamics, Mississauga, Ontario, Canada 905-607-3486 ext 6203
Juris Pagrabs, Vice President, Investor Relations, (248) 298-2403 ext 7570
Patrick Liebler, Liebler Group, 248-229-4418