OAK PARK, MI, Oct. 22 /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, announced today the appointment of John Formisano to its Board of Directors, subject to normal regulatory approvals and procedures. Formisano recently retired from Federal Express Corporation where he served as Vice President - Global Vehicles. In that role, Formisano managed an annual budget of $350M and was responsible for the global selection, sourcing and maintenance of 96,000 vehicles and ground support equipment units.
"John Formisano brings the experience and the voice of the customer to our board and will be a huge asset in helping to ensure that we're doing everything possible to anticipate customer needs," said D. Campbell Deacon, Chairman of Azure Dynamics. "John has been very active in the industry and understands better than anyone what it takes to operate a successful vehicle fleet. He was an early and consistent supporter of Azure technology and understands the value proposition we offer to customers. We're delighted to add John to our board."
"At FedEx, I had the opportunity to manage one of the most complex vehicle fleets on the planet and also participated in industry events to become familiar with the latest products and technology. I was impressed by the Azure model," Formisano said. "Their products were capable and reliable, which is the price of admission for the delivery market, however, also offered great environmental and cost benefits. I look forward to joining the Azure board and helping the team meet its goal of becoming part of the solution."
Since joining the FedEx team in 1983 as a project engineer, Formisano held several operations management positions and ultimately retired as Vice president, Global Vehicles of FedEx Express in Memphis, Tn. In addition to managing the company's 96,000 vehicles and ground support equipment units, Formisano spearheaded FedEx integration of fuel-efficient vehicle models. Since 2003, the company's hybrid and electric truck fleet around the globe has covered more than five million miles of revenue service. During his tenure, FedEx Express Global Vehicles saved over 33 million gallons of fuel, keeping over 700 million pounds of CO2 out of the air.
Formisano serves as chairman of the board of directors for CALSTART, a member-supported organization dedicated to the growth of a clean transportation industry, and is vice-chairman of the board of directors of Safe Kids Worldwide, a global network of organizations with a mission to prevent unintentional childhood injury.
Formisano holds an M.B.A. in Quantitative Analysis from Fairleigh Dickinson University and a B.S. from Montclair State College.
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)(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 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.
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 labour 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