OAK PARK, Michigan,
December 14, 2011 /PRNewswire/ --
- Azure Dynamics and RøhneSelmer, Ford Motor Company's market
leading dealer in Norway, sign a
"Letter of Intent" to sell up to 400 Transit Connect Electric vans
annually
- RøhneSelmer has placed 158 orders in its first nine months as a
Transit Connect Electric dealership and sees continued strong
demand in the Nordic Region
- RøhneSelmer's major customers include Norway Post (Posten Norge
AS) and other major commercial customers
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
light and medium duty commercial vehicles, and RøhneSelmer AS
announced today that they signed a Letter of Intent (the "LOI") to
enter into an agreement whereby RohneSelmer will import and
distribute up to 400 Ford Transit Connect Electric vans
annually. The LOI is not a purchase order, but rather sets in
motion a collaborative effort to reach a definitive distribution
agreement within the coming weeks to further develop the business
in the Nordic Region. RøhneSelmer will focus its importation,
distribution, sales and service effort in Norway.
In March, 2011, RøhneSelmer supported Azure's inaugural European
Transit Connect Electric sale of 58 vans, including 20 vans to Post
Norway (Posten Norge AS) via its five locations in and around
Norway and in August, 2011, placed
an order for 100 additional vans.
"The Transit Connect Electric European market continues to
develop quickly," said Scott
Harrison, CEO of Azure Dynamics. "This arrangement
with RøhneSelmer will offer Azure and its Transit Connect Electric
a sophisticated distribution platform to further develop the
significant opportunities we see in the Nordic Region. This
agreement exemplifies how we are leveraging our valued partners
like RøhneSelmer and, as a result, we believe our mutual customers
will be well served in the most expedient manner possible."
RøhneSelmer reports that the Transit Connect Electric is proving
itself to be the right EV van for today's Norwegian market and that
consumer interest is strong and growing.
"Norway has a great
appreciation for electric vehicles to help achieve our aggressive
environmental goals," said Christian August
Selmer, RøhneSelmer's owner. "Our experience shows
that the Transit Connect Electric has the right performance and
cargo characteristics to meet the needs of a large customer base in
Norway."
Pursuant to the LOI, RøhneSelmer will submit purchase orders
each calendar quarter with a target of up to 400 vans
annually. Azure and RøhneSelmer point out that the LOI is
neither an indication of future sales, nor a guarantee of actual
sales. The LOI confirms the intentions of Azure and
RøhneSelmer to enter into a definitive agreement for the
importation, distribution, sale and service of the Transit Connect
Electric in the Norwegian region.
The Transit Connect Electric offers Norwegian customers the
opportunity to eliminate petroleum fuel bills, take advantage of
car-pool lanes and to lower overall maintenance and operating
costs. The vehicle is an ideal choice for battery electric power
thanks to its unique combination of car-like driving dynamics,
generous cargo capacity, easy accessibility and low operating
costs. Transit Connect Electric can be recharged in
approximately eight hours using standard European 220-volt
outlets.
To create the Transit Connect Electric, Azure integrates its
proven Force Drive[TM] electric powertrain
into the award-winning Ford Transit Connect. Utilizing an advanced
lithium-ion battery from Johnson Controls, Transit Connect Electric
can achieve a range of 80KM/50 miles to 130KM/80 miles on a single
charge and has a load capacity of 530 kgs. With 28 kWh of
power to call on, Transit Connect Electric has a top speed of
120 km/h (75 mph). The product has been brought to market
at a time when increasing numbers of fleet operators are demanding
the benefits of efficient, clean alternative powered vehicles.
The Transit Connect Electric went into production in
Europe in June, 2011 following its
successful production launch in North
America in April, 2011. Since the Transit Connect Electric
was introduced in North America in
December 2010, global Transit Connect
Electric sales have exceeded $29
million.
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 light and medium
duty 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 on how Azure Dynamics products are Driving a World
of Difference, please visit http://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 and sales and deliveries of the Transit
Connect Electric. 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, specifically the Transit Connect
Electric, 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 http://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.
For further information:
Ricardo Espinosa, Managing Director
European Operations, +44(0)1438-729819
Email: respinosa@azuredynamics.com
Juris Pagrabs, Vice President,
Investor Relations, +1(248)298-2403 ext 7570
Email: jpagrabs@azuredynamics.com