Azure Dynamics Announces Third Quarter 2008 Results
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OAK PARK, MI, November 11, 2008: 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 reported its third quarter financial results for the period ending September 30, 2008. The Company also provided an update on product development activities.
Third Quarter 2008 Highlights
Completed private placement offering of $25 million at a significant premium to market.
Achieved new orders for Balance(TM) Hybrid Electric vehicles from Consolidated Edison in New York and from a leading national bakery company. These orders demonstrate the versatility of the Balance(TM) Hybrid Electric vehicles and their potential to infiltrate new markets.
Achieved new orders from Buchy Food Service for the LEEP Freeze(TM) Low Emission Electric Power) system to provide dependable power for transport refrigeration and cold storage product protection.
Enrolled twelve new Balance(TM) Hybrid Electric Ford dealers to the Azure distribution network as part of the company's commitment to sign approximately 50 dealers in major metro markets.
Shipped 27 Balance(TM) Hybrid Electric vehicles to our largest customer, Purolator, with the remainder of their 105-unit order expected to be shipped in the fourth quarter.
Unveiled the Balance(TM) Hybrid Electric, the only hybrid electric shuttle bus that enables its owners to receive federal funding, to thousands of potential customers at the Bus Con Conference at Navy Pier in Chicago and at the American Public Transit Association in San Diego. Products received favorable response from shuttle bus industry attendees.
"Completing our private placement offering in the third quarter was a huge success, especially in light of unsettled market conditions," said Scott T. Harrison, Chief Executive Officer. "Product orders were about on pace with our expectations, but we were disappointed to receive a price increase on a key system component. We are aggressively evaluating alternatives to mitigate the impact of this increase as well as to ensure stable supply in order to support future product demand. We are confident that these measures will deliver strong benefit to the company and its customers in the future."
"Two major advantages for Azure Dynamics going forward are the continued and growing demand for green products that will position Azure technology as a high priority for our customers - people want what we have -- and the fact that we have launched product in the marketplace and have extensive manufacturing experience that will enable us to continuously lower our product cost and improve the economics for our customer," Harrison said. "In addition, Azure's products offer fuel efficiency improvements that make them highly competitive against traditionally equipped powertrains and our customer support system is best-in-class."
Serge Viola, Director, National Fleet and Ground Line Haul for Purolator, said "We're delighted with our choice of the Azure Balance Hybrid Electric vehicle for our delivery fleet. We've just taken delivery of the latest version and it appears Azure keeps on getting better. They're helping us reduce operating costs by improving our fuel economy and up time and they're keeping us true to our corporate values as a company that cares and is proactively doing something about protecting the environment."