Azure Dynamics Announces Third Quarter 2009 Results
Revenue Up as Sales Trend Improves
OAK PARK, MI, Nov. 12 /PRNewswire-FirstCall/ - November 12, 2009 - Azure Dynamics Corporation (TSX:
AZD) - ("Azure" or the "Company"), an industry leader in the development of hybrid electric and electric
technologies for commercial vehicles, today reported its third quarter financial results for the period ending
September 30, 2009. The Company also provided an update on product development activities.
"While the automotive and commercial vehicle industries struggled along with the rest of the economy to
recover during the quarter, we saw definite signs of improvement and opportunity," said Scott Harrison, Azure
Chief Executive Officer. "Interest from our current and prospective customers picked up significantly and
several new orders that had been on hold were released late in the quarter and into the fourth quarter. We see
that trend continuing to improve as we move closer to the end of the year."
Harrison said that interest in fuel efficient green products continues to mushroom in the commercial vehicle
industry and that as federal stimulus funds are released he expects more companies and municipalities to take
advantage of them to order vehicles equipped with Azure technology.
"It's clear that we have the right products for today's market and as we continue to amass on-the-road
experience and customer understanding of our unique product benefits, the market is responding," said
Harrison. "Our more than two decades of development work in alternative vehicle transportation systems is
finally starting to pay off."
Subsequent to the quarter end, Azure announced significant advancements for each of its core technologies.
On October 14th, the Company announced its largest LEEP(TM) Freeze order to date with 248 units for
Schwan Food Company. On October 30th, Azure and Ford Motor Company jointly announced that Azure's
Force(TM) Drive technology would power the Transit Connect battery electric vehicle, the first of four electric
vehicles coming from Ford in the next three years. Then, on November 9th, Azure announced 51 additional
Balance(TM) Hybrid Electric sales to FedEx Express, most of which will be deployed at an all-hybrid facility in
Bronx, New York.
"We're delighted at the amount of financial support that is being made available to the Company to assist us in
our development efforts for the Transit Connect battery electric vehicle. For the first time in the Company's
history, we will share the development costs of a major product program with several project collaborators.
Additionally, we're evaluating several commitment letters received from government for a significant economic
package to further reduce our overall development costs," said Harrison. "With the added financial benefits of
sharing development costs, and support from government, we are now more confident than ever in our ability to
continue delivering our innovative products to meet the growing customer demand."
Third Quarter 2009 Highlights
- On July 9, Azure was awarded a 16 vehicle contract from the Hybrid
Truck Users Forum's (HTUF) Small Hybrid Bus Working Group. HTUF's
Small Hybrid Bus Working group is a joint program between CALSTART
and the U.S. Army TARDEC's National Automotive Center (NAC) and is
supported by the Federal Transit Administration. Azure won the
competitive bid process because its technology provided the
flexibility to service the needs of a broad range of HTUF
constituents.
- On August 5, the Company announced a successful bid for up to
50 Balance(TM) Hybrid Electric shuttle buses for the State of
Kentucky. Ten buses were ordered immediately by three separate
Kentucky municipalities with an option for up to 40 additional buses.
- On August 13, Azure Dynamics closed a private placement offering for
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