OAK PARK, Michigan, Sept. 19 /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 that it has established its new corporate headquarters in Oak Park, Michigan, in the greater Detroit area.
"We are pleased to have found a facility in a strategic location that meets all of our ongoing business development and production needs," said Scott Harrison, Azure's Chief Executive Officer. "As we continue to advance our commercialization activities, and with the scope of our opportunity in working with Ford Motor Company and other automotive industry leaders, it is important for us to be in close proximity to these key players."
"Azure's decision to locate its headquarters here attests to Michigan's leadership in the alternative fuel industry," Michigan Governor Jennifer M. Granholm said. "We look forward to partnering with Azure as the company grows and creates high-tech jobs and diversifies our 21st century economy."
With the establishment of its head office in Oak Park, Michigan, the State of Michigan has granted Azure a tax credit valued at more than US 1.7 million over the next seven years. The city of Oak Park has also proposed an 11-year local tax abatement worth an estimated US$55,400.
"Both the State of Michigan and the city of Oak Park have demonstrated strong support for our move and we look forward to growing our business from our new headquarters," added Mr. Harrison.
Azure does not expect that there will be any material changes to employee counts at its other facilities. The Company will maintain its electric drive solutions business unit and facility in Boston, Mass., and the bulk of its hybrid and hybrid-electric systems engineering and technology development team will remain at its facility in Vancouver, B.C. The Company will also maintain a service facility in Mississauga, Ontario to support major customers in the Toronto area.
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 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.