Odyne Corporation to Evaluate Strategic Alternatives and Retain Financial Advisor

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HAPPAUGUE, N.Y. October 20, 2008: Odyne Corporation (OTCBB:ODYC), a clean technology company that develops advanced hybrid electric vehicle propulsion systems, announced today that the Company has retained Matrix USA, LLC as its financial advisor to evaluate the company’s strategic alternatives, including a possible sale of the company, a strategic partnership, a technology licensing agreement, or an additional raise of equity capital. The Company said there can be no assurance that any transaction will occur or, if one is undertaken, its terms or timing. The Company stated that it does not expect to update its progress or disclose developments with respect to the assessment of strategic alternatives unless the Board of Directors has approved a definitive transaction on terms that the Board of Directors believes will be in the best interests of the shareholders of Odyne.

“As the demand for clean technologies in the automotive and trucking industry grows, we believe that a strategic step that enables Odyne to scale production and further commercialize our systems is critical at this time," said Alan Tannenbaum, CEO of Odyne Corp.