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Azure Dynamics aquisition of Solectria complete.

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    From: Cheryll Hughes hughes@ solectria.com Monday, January 31, 2005 Azure Dynamics Completes Acquisition of US-based Solectria Toronto, Ontario - January 31,
    Message 1 of 1 , Feb 1, 2005
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      From:
      Cheryll Hughes
      hughes@ solectria.com

      Monday, January 31, 2005

      Azure Dynamics Completes Acquisition of US-based Solectria
      Toronto, Ontario - January 31, 2005

      Azure Dynamics Corporation (TSX - AZD & LSE - ADC) ("Azure Dynamics",
      or the "Company") a leading developer of hybrid electric powertrains
      for commercial vehicles today announced that it had successfully
      completed the acquisition of Solectria Corporation ("Solectria"), a
      leading US hybrid electric powertrain and components supplier.

      "With the acquisition of Solectria, Azure Dynamics becomes a world
      leader with probably the largest dedicated engineering group in
      hybrid commercial vehicles. The combined companies will provide a
      broad range of hybrid commercial powertrains and will have a customer
      base and sales in North America, Europe and the Far East," said Mr.
      Campbell Deacon, Chief Executive Officer of Azure Dynamics
      Corporation.

      Azure Dynamics acquired all the outstanding shares of Solectria in
      exchange for 25,297,655 of its common shares, resulting in
      Solectria's former shareholders now owning approximately 19.8% of the
      Company's issued and outstanding common shares. The newly issued
      shares have been conditionally approved for listing on the Toronto
      Stock Exchange. Application has also been made for the shares to be
      admitted to AIM and trading on AIM is expected to commence at 8.00
      a.m. on February 4th, 2005. Solectria will henceforth operate as
      Azure Dynamics US Inc.

      Azure Dynamics Corporation and its group of companies provide hybrid
      electric and electric vehicle technology for commercial and military
      vehicles. Azure Dynamics is a public company trading on both the TSX
      exchange in Canada as well as the AIM market in London, UK. The
      Company is a world leader in the development and manufacture
      (outsourced) of hybrid electric and electric commercial vehicles and
      systems. In its history, the group has delivered more than 4,000
      electric and hybrid electric vehicles (greater than 25 million miles
      of vehicle experience).

      Azure Dynamics is currently working internationally with various
      partners and customers including Purolator Courier Ltd., Canada Post,
      DHL, London Taxis International, US Department of Defence, Leyland
      Product Development, Renault Trucks UK and the United States Postal
      Service. Azure Dynamics has employees based in North America and
      Europe.

      For more company information please visit our website at
      http://www.azuredynamics.com

      The TSX Exchange does not accept responsibility for the adequacy or
      accuracy of this release.

      FOR MORE INFORMATION ON AZURE, CONTACT:

      Steven Glaser,
      Vice-President, Corporate Affairs
      (416) 367-0220 ext 105
      sglaser@ mazuredynamics.com
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