Azure Dynamics aquisition of Solectria complete.
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
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
For more company information please visit our website at
The TSX Exchange does not accept responsibility for the adequacy or
accuracy of this release.
FOR MORE INFORMATION ON AZURE, CONTACT:
Vice-President, Corporate Affairs
(416) 367-0220 ext 105