- LEAD Customer Program concludes after surpassing sales target to marquee customers in government, utilities, couriers and commercial fleets in the U.S. and Canada
- Ninth LEAD customer is a Washington D.C. based governmental organization
- Tenth LEAD customer places record order of 30 units
- LEAD program attracted nearly 150 sales from ten customers and orders continue to be accepted from the general market
OAK PARK, MI, Dec. 16 /PRNewswire/ - Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF), a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles, announced today that it has completed its LEAD customer program for the innovative Ford Transit Connect Electric by signing agreements with its final two LEAD customers. The ninth LEAD customer is a Washington D.C. based governmental organization and the tenth is a world leading logistics organization which placed the single largest Transit Connect Electric order to date of 30 units. Neither organization can be named at this time.
The LEAD program allowed blue chip government and commercial fleets the opportunity to receive one of the initial 2010 production units of the vehicles, which are currently being shipped on schedule.
"These final two customers are well known organizations that are enthusiastic about their Transit Connect Electric acquisition, but prefer to make the announcement at a future point," said Scott Harrison, Azure Dynamics chief executive officer. "The final two represent the government and commercial sectors and they are exactly the type of blue-chip organizations we had in mind when we created the LEAD program."
The LEAD customer program is now closed after achieving its objective of identifying ten premiere vehicle fleets to place early units in 2010 with volume orders for fulfillment in 2011. Those ten LEAD customers accounted for nearly 150 Transit Connect Electric vehicle sales. Moreover, the program created interest among target market sectors including energy producers, courier and delivery companies, utilities, private businesses and governmental organizations. The LEAD sales covered broad geographies with vehicle deployments planned in at least eight U.S. states and the province of Ontario. Vehicles will also be deployed in both Washington D.C. and Ottawa helping to build on demand among federal government organizations and national policy makers.
"The LEAD customer program successfully targeted organizations that are critical to the increased acceptance and adoption of electric vehicles in North America," said Harrison. "From top to bottom, our LEAD customers appreciate the unique environmental and operational benefits of the product itself and they will be integral in helping the technology get to market."
With the LEAD customer program completed on-time and on-schedule, Azure will open its Transit Connect Electric ordering system to other interested fleets in North America. The company also has initiated its European Transit Connect Electric sales efforts and expects to announce initial European orders in the coming months, with European production scheduled to begin in August, 2011.
"We believe that our LEAD customers will become key product advocates," said Harrison. "We've indentified the next wave of potential customers and are eager to begin our broader sales efforts to encourage other proactive, conscientious fleets to join the ranks of our LEAD Transit Connect Electric customers. We continue to be pleased with the initial response from our customers - current and prospective - who have expressed their willingness to join us in our effort to be Part of the Solution."
Commercial vehicle fleets are increasingly seen as the logical starting point for electric vehicles due to their typical drive cycles that often include travel on predictable, short-range, routes with frequent stop and go driving in tight urban or suburban environments. Commercial vehicles generally return to a central location at the end of a drive cycle making for convenient recharging over night.
To create the Transit Connect Electric, Azure integrates its proven Force DriveTM electric powertrain into the award-winning Ford Transit Connect. Utilizing an advanced lithium-ion battery from Johnson Controls-Saft, Transit Connect Electric can achieve a range of up to 80 miles on a single charge and has a top speed of 75 mph. The battery is rechargeable using either a 240-volt or standard 120-volt outlet. Azure Dynamics will also provide its Force Drive electric powertrain for the Transit Connect Electric in Europe.
For more information on how Azure vehicles are Driving a World of Difference, please visit www.azuredynamics.com.
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 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 please visit www.azuredynamics.com.
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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 labor 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.
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SOURCE Azure Dynamics Corporation