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Azure Dynamics Corporation (ADC)

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Thursday 29 January, 2009

Azure Dynamics Corporation

Azure Dynamics complete Altoona Testing


Azure Dynamics' Balance(TM) Hybrid Electric shuttle bus completes rigorous
"Altoona" durability testing

    OAK PARK, MI, Jan. 29 /CNW/ - Azure Dynamics Corporation (TSX: AZD, LSE:
ADC & OTCQX: AZDDF) - ("Azure" or the "Company"), a leading developer of
hybrid electric and electric powertrains for commercial vehicles, today
announced that its revolutionary Balance(TM) Hybrid Electric shuttle bus has
been certified by rigorous "Altoona" testing, on the Ford E-450 chassis,
enabling purchasers of these hybrid vehicles to apply for financial assistance
from the federal government.
    Altoona testing subjects vehicle to a lifetime of usage in just a few
months time at the Altoona, PA accelerated durability test center where harsh
road conditions mimic real-world conditions endured by a commercial shuttle
bus over a seven year, 200,000 mile cycle.
    The successful completion of this test qualifies Ford E-450 shuttle buses
built with Azure's Balance(TM) Hybrid Electric drive train system for Federal
Transit Authority (FTA) programs of up to 80% funding when purchased by public
transit agencies across the United States. In addition to FTA programs,
Azure's Balance(TM) Hybrid Electric may qualify for up to a $3,000 US Federal
tax credit and/or numerous individual state and agency programs.
    The E-450 shuttle bus with Azure's Balance Hybrid System, along with
Azure's series hybrid HD Senator CitiBus, are the only hybrid shuttle buses
that have completed this significant Altoona durability testing. The testing
is an important validation for the durability and engineering integrity of the
Balance(TM) Hybrid Electric system.
    "With the successful completion of the Altoona testing, now our municipal
and government customers have another Azure hybrid shuttle bus option that
qualifies for federal funding support (FTA)," Scott Harrison, Azure's Chief
Executive Officer said. "We believe that our public transit customers share
Azure's desire to be 'part of the solution' by providing energy efficient,
reliable and clean transportation within our cities. With this federally
funded program (FTA) now available, U.S. shuttle bus operators can cost
effectively adopt an environmentally cleaner and more fuel efficient hybrid
shuttle bus solution."
    The Altoona test demonstrates, on an accelerated time frame, the ability
of Azure's Balance(TM) Hybrid Electric system to withstand the rigors of
operating in a demanding urban transit bus environment.
    The Balance(TM) Hybrid Electric integrates Azure's proprietary technology
onto Ford's E450 chassis. The result is a shuttle bus that provides up to a
40% fuel consumption savings and environmental benefit of over 30% reduction
in green house gas emissions. In addition, Azure's Balance(TM) Hybrid Electric
technology can reduce vehicle maintenance costs by approximately 30% thereby
further reducing overall fleet operating costs.
    The Azure G1Series-Hybrid HD Senator CitiBus shuttle bus had previously
completed Altoona testing in 2007.
    Azure Dynamics Director of Fleet Sales, Mike Byers (248-298-2403 ext 1204
or mbyers(at)azuredynamics.com), is available to help answer inquiries related
to federal, state and/or agency financial support programs.

    About Azure Dynamics

    Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) (OTCQX: 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.

    About Altoona Bus Testing Program

    The FTA New Model Bus Testing Program is designed to promote the
production of better transit vehicles and components and to ensure that
transit customers purchase safe vehicles able to withstand the rigors of
transit service. The program was established in response to legislation
included in the 1987 Surface Transportation and Uniform Relocation Assistance
Act. This legislation required all new and modified bus models to be tested
before being purchased with federal funds. The Altoona Bus Testing and
Research Center was established in 1989. The Pennsylvania Transportation
Institute ("PTI") operates and maintains the facility on behalf of FTA. PTI
provides all management, administrative, technical and support staff,
facilities, instrumentation, equipment, and materials necessary to test new
bus models for maintainability, reliability, safety, performance, structural
integrity, fuel economy, emissions, noise, and related technical support.

   
    The TSX and LSE Exchanges do 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.


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For further information: Jay Sandler, Vice President-Sales, (248) 298-2403,
Email: jsandler(at)azuredynamics.com; Pat Liebler, Liebler Group, (313)
832-4376, Email: pat(at)lieblergroup.com; Stuart Skinner, Richard Kenny, Tel:
+44 207 260 1000, Numis Securities Limited as Nominated Adviser to the
Company; David Poutney Tel: +44 207 260 1000, Numis Securities Limited as
Broker to the Company
(AZD. ADC)