- Illinois Department of Transportation (IDOT) sponsored the 34 unit order on behalf of nine transit agencies in the state - IDOT utilized a Transit Investments for Greenhouse Gas and Energy Reduction (TIGGER) Grant to reduce acquisition costs - Azure Dynamics technology is available to transit agencies throughout the United States via established contracts - Azure Dynamics has announced 177 Balance(TM) Hybrid Electric vehicle sales to a total of 25 end users since the start of the second quarter on April 1st, 2010
OAK PARK, MI, June 2 /PRNewswire-FirstCall/ - Azure Dynamics Corporation (TSX: AZD)(OTC:AZDDF) the fast growing hybrid electric and electric power train innovator for the commercial truck and bus market, today announced a 34 unit Balance(TM) Hybrid Electric bus sale via the Illinois Department of Transportation (IDOT). IDOT will leverage available funding from a Transit Investments for Greenhouse Gas and Energy Reduction (TIGGER) Grant to help offset acquisition costs.
"Our products have an economic advantage for the user and an environmental advantage for society at large. Add the federal stimulus funds and you have a confluence of factors that make our Balance(TM) Hybrid Electric a very attractive opportunity for public fleets," said Jay Sandler, Azure's Vice President of Sales.
Azure Dynamics has announced 177 Balance(TM) Hybrid Electric vehicle sales to a total of 24 end users since the start of the second quarter on April 1st, 2010.
The IDOT contract is the result of a TIGGER Grant that the State of Illinois was awarded earlier this year. Those grants, in part, provide incentives to public transportation systems looking to acquire efficient, green technology to assist in the reduction of energy consumption and/or greenhouse gas emissions.
Midwest Transit Equipment of Kankakee, IL will be the dealership for the contract. Midwest Transit Equipment also recently partnered with Azure on a contract with the Michigan Department of Transportation (MDOT) for up to 50 buses. StarTrans Bus, a Supreme Corporation Company, of Goshen, IN, will supply shuttle bodies for the IDOT buses.
"Although IDOT is listed as the buyer for these buses, Azure actually benefits from placing our technology with nine different transit agencies throughout the State of Illinois," said Sandler. "We relish the opportunity to bring new customers into the fold and have them experience our product's economic and operational benefits firsthand."
The Azure Balance(TM) Hybrid Electric system has unique attributes like engine-off at idle and at below 20 miles per hour, while electronically supporting key ancillary functions like air conditioning, power steering and braking. The drive train, with a Ford 5.4L engine, can improve fuel economy substantially, while reducing carbon emissions by up to 30% in city conditions. The hybrid drive train also offers a significant reduction in maintenance costs versus conventionally equipped competitors.
For more information on how Azure Dynamics products are Driving a World of Difference, please visit www.azuredynamics.com.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTX: 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 Midwest Transit Equipment
Midwest Transit Equipment sells more buses than any other company in the United States. For over 30 years, Midwest Transit Equipment has been known for their honesty and integrity in their dealings with both their manufacturers and their customers. Midwest takes pride in their reputation for offering quality vehicles, exceptional service and affordable prices. Midwest maintains thousands of vehicles at five locations in four states, a $3 million parts inventory and over 200 employees committed to providing safe, comfortable and reliable transportation for their customers around the world.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.
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.
SOURCE Azure Dynamics Corporation