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Azure Dynamics Wins at the 24th Annual Canadian Advanced Technology Alliance Awards

^{Published on 2009-05-28 11:42:43, Last Modified on 2009-05-28 11:44:24 - Market Wire}
 

 OAK PARK, MI, May 28 /CNW/ - Azure Dynamics Corporation (TSX: AZD) - ("Azure") or (the "Company"), a leading developer of innovative hybrid green technologies that address environmental and cost issues for operators of commercial vehicle fleets, was recently chosen as a winner at the 24th Annual Canadian Advanced Technology Alliance (CATA) Innovation and Leadership Awards. Azure was recognized with an 'Outstanding Product Achievement' award in the Clean Technology category. "It is an honor to be recognized by the Canadian Advance Technology Alliance for our development of clean, efficient hybrid electric technology for the commercial transportation sector," said Mike Elwood, Azure Dynamics Vice President of Marketing and Chair, Electric Mobility Canada. "Canada has a very deep rooted position in the development and commercialization of advanced transportation technologies. 'Driving a world of difference' has been the mantra at AZD, this award is appreciated and very meaningful to everyone connected to the company and our mission." The Clean Tech Award, sponsored by Gowlings, was presented to Azure for an outstanding product achievement that has resulted in the production of a world-class Clean Tech product or family of products. To be selected as a winner, the product must have proven itself in operation, design and market success and have enhanced Canada's international reputation for innovation and excellence. Azure Dynamics develops hybrid electric and electric drive trains that are primarily used for commercial delivery and shuttle bus applications. The Azure drive train can improve fuel economy by up to 40%, while reducing carbon emissions up to 30% in city conditions. Although commercial vehicles only account for 12% of total miles driven in Canada, they produce roughly 25% of all emissions. Therefore, increased usage of the Azure drive train can significantly reduce harmful emissions across Canada. One of Azure's key product lines and most environmentally efficient systems, which helped highlight the Company's recognition in the Product Achievement category, is its Balance(TM) Hybrid Electric system. The system utilizes a conventional 5.4 liter Triton gasoline engine and 5-speed automatic TorqShift transmission. The hybrid drive train features electric-launch up to 20 mph, and engine-off at idle, while electronically supporting key ancillary functions like air conditioning, power steering and braking. Recently, the Balance(TM) Hybrid Electric was purchased by prestigious Canada entities including the City of Toronto, Purolator Courier and the University of Alberta. The CATA Awards are the most prestigious annual awards conferred on individuals and corporations by Canada's advanced technology community. They are presented in recognition of exceptional contributions made to the creation of science and technology-based industrial strength in Canada. The CATA Award marks the second recognition for Azure Dynamics in less than a month. Previously, Scott Harrison, Azure Dynamics CEO, was recognized and awarded The Grant Thornton Leader & Innovator of the Year by the Lawrence Technological University. Harrison was chosen from among 46 nominees for his efforts in advancing the Azure Dynamics product line. For more information about Azure Dynamics and its family of hybrid electric and electric commercial vehicles, please visit [ www.azuredynamics.com ]. About Azure Dynamics Azure Dynamics Corporation (TSX: AZD) 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. Forward-looking Statements 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.

For further information: ON AZURE, CONTACT: Mike Elwood - Vice President - Marketing, (905) 607-3486 ext 203, Email: [ melwood@azuredynamics.com ]; Pat Liebler, Liebler Group, (313) 832-4376, Email: [ pat@lieblergroup.com ]