OAK PARK, Michigan,
January 27, 2012 /PRNewswire/ --
Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) ("Azure" or
the "Company"), a world leader in the development and production of
hybrid electric and electric components and powertrain systems for
light and medium duty commercial vehicles, announced today that
Ryan Carr, Chief Financial Officer,
has resigned as CFO of the Company and Stephen Lee, Vice President, Finance &
Corporate Controller, has been appointed as interim CFO until a
permanent replacement is named. Mr. Carr will remain as a
non-officer employee until February 16,
2012 to assist in the transition.
"Since 2008 Azure has made significant progress in the
commercialization of Hybrid and EV technologies which now powers
over 2,200 vehicles worldwide and Ryan has played a key role in
this growth," said Scott Harrison,
Azure's CEO. "We thank Ryan for his contributions to Azure,
wish him well and appreciate his assistance in the
transition." Mr. Carr and his family will be returning to
Southern California where they
previously lived and where he has accepted a similar position with
Money Mailer, LLC in Garden Grove,
CA.
Mr. Lee, age 35, has been with Azure for a total of five years
in various financial management positions with increasing
responsibility and most recently as the Vice President, Finance and
Corporate Controller since June, 2010. Mr. Lee was previously
the Chief Financial Officer of Vancouver based Carmanah Design and
Manufacturing Inc., a leading machinery and equipment
manufacturer. Mr. Lee began his career in 1998 and is a
Certified General Accountant. He received his bachelor's
degree in accounting from the University of
Calgary.
Harrison continued, "We've built great bench strength and
continuity in our finance department over the past several years,
and everyone from the management team to the board of directors has
the utmost confidence in Stephen as he assumes the interim CFO
position. The board of directors will begin the process of
identifying a permanent replacement and expects a seamless
transition throughout this period."
For more information on how Azure Dynamics products are Driving
a World of Difference, please visit
http://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 light and medium duty
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 http://www.azuredynamics.com.
The TSX Exchange does not accept
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Advisory
Certain information included in this press release
constitutes forward-looking statements and information and
future-oriented financial information under applicable securities
legislation and is provided for the purpose of expressing
management's current expectations and plans for the
future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as
making investment decisions.
More particularly, this press release
contains statements concerning Azure's anticipated transition to an
interim CFO and identification of a permanent replacement CFO. The
forward-looking statements are based on a number of key
expectations and assumptions made by Azure, including expectations
and assumptions concerning achievement of current timetables for
development programs and sales, 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 used to develop the forward-looking
statements 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 numerous risks and
uncertainties that contribute to the possibility that the
projections and forecasts in the forward-looking statements will
not occur and that actual performance or results could differ
materially from those anticipated in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the risks associated with Azure's stage of development,
history of losses and lack of historical product revenues,
uncertainty as to product development and sales milestones being
met, product defect and performance risks, competition for capital
and market share, uncertainty as to target markets, dependence upon
third parties, changes in environmental laws or policies,
uncertainty as to patent and proprietary rights, availability and
retention of management and key personnel, exchange rate and
currency fluctuations, uncertainties relating to potential delays
or changes in plans with respect to product development or capital
expenditures, the ability of Azure to access sufficient capital on
acceptable terms, and environmental and safety risks. This is not
an exhaustive list and additional information on these risks and
other factors that could affect Azure's operations and financial
results are included in reports on file with the Canadian
securities regulatory authorities and can be accessed through the
SEDAR website athttp://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. Additionally, Azure undertakes no
obligation to comment on the expectations of, or statements made
by, third parties about Azure.
For further information:
JurisPagrabs, Vice President, Investor Relations,
+1-248-298-2403 ext 7570,
Email: jpagrabs@azuredynamics.com
