Tuesday, August 14, 2007
London, Aug. 14, 2007 (PR Newswire UK Disclose delivered by Newstex) --
Azure Dynamics announces changes to management team TORONTO, Aug. 13 /CNW/ - Azure Dynamics Corporation (TSX: AZD & LSE: ADC)('Azure' or the 'Company') today announced the appointment of Mr. Curt AnthonyHuston as Chief Operating Officer effective August 06, 2007. David E. Deacon,Executive Vice President and Deputy Chairman, and Gregory P. Francis,President and Chief Operating Officer, will resign their positions, effectiveAugust 20, 2007. David Deacon will continue to serve as a non-executiveDirector of the Board and Greg Francis will support the Company's strategicdevelopment in an advisory capacity. Scott Harrison, Azure's Chief Executive Officer stated, 'Curt Huston is akey addition to our management team. His proven leadership capabilities andbreadth of experience in automotive industry sales, marketing and globalsupply chain management will be instrumental in increasing our productioncapabilities, and advancing our sales and marketing programs.' Mr. Huston was formerly Vice President, North American Wheel Operationsat Hayes Lemmerz, a U.S. Tier 1 auto supplier, with more than US$2 billion inannual revenue. At Hayes Lemmerz, Mr. Huston was responsible for a US $400million business division with 1,000 employees and four manufacturingfacilities. During his tenure, Mr. Huston led a number of organizationalrestructuring and process improvement initiatives that resulted in significantimprovement in the division's financial performance. He also led new businessinitiatives that expanded the group's customer base to include Toyota, Nissanand BMW. Prior to Hayes Lemmerz, Mr. Huston was a senior manager at HoneywellInternational, a global Fortune 100 company with operations in the automotive,aerospace and engineered materials sectors. At Honeywell, Mr. Huston wasresponsible for the operational performance and strategic planning process foreight manufacturing facilities within the Company's North American andEuropean automotive parts business. Mr. Huston began his career with GeneralMotors Corporation. During his tenure at General Motors, he held variouspositions of increasing responsibility and was responsible for sourcing,maintenance and purchasing of components. Mr. Huston holds a Bachelor ofScience degree in Mechanical Engineering from the GMI Engineering andManagement Institute, Michigan and a Master of Science degree from theUniversity of Dayton, Ohio. Mr. Harrison went on to say, 'David and Greg have played key roles in thesuccessful development of our business. As we move forward in advancing thecommercialization of our products, we look forward to their continuedstrategic contributions at the Board level.' There is no information pursuant to the appointment of Mr. Huston which isrequired to be disclosed under Schedule Two, Annex III(g) of the AiM Rules asMr. Huston will not be joining the Board of Directors. About Azure Dynamics Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) is a world leader in thedevelopment and production of hybrid electric and electric components andpowertrain systems for commercial vehicles. Azure is strategically targetingthe commercial delivery vehicle and shuttle bus markets and is currentlyworking internationally with various partners and customers. The Company iscommitted to providing customers and partners with innovative, cost-efficient,and environmentally-friendly energy management solutions. Azure Dynamics'operations are based in North America and Europe. For more information please visit www.azuredynamics.com. The TSX and LSE Exchanges do not accept responsibility for the adequacy or accuracy of this release. Forward-looking Statements This press release contains forward-looking statements. Moreparticularly, this press release contains statements concerning Azure'sbusiness development strategy, projected commercial revenues and productdeliveries. The forward-looking statements are based on certain key expectations andassumptions made by Azure, including expectations and assumptions concerningachievement of current timetables for development programs, target marketacceptance of Azure's products, current and new product performance,availability and cost of labour and expertise, and evolving markets for powerfor transportation vehicles. Although Azure believes that the expectations andassumptions on which the forward-looking statements are based are reasonable,undue reliance should not be placed on the forward-looking statements becauseAzure can give no assurance that they will prove to be correct. Sinceforward-looking statements address future events and conditions, by their verynature they involve inherent risks and uncertainties. Actual results coulddiffer materially from those currently anticipated due to a number of factorsand risks. These include, but are not limited to, the risks associated withAzure's early stage of development, lack of product revenues and history oflosses, requirements for additional financing, uncertainty as to commercialviability, uncertainty as to product development and commercializationmilestones being met, uncertainty as to the market for Azure's products andunproven acceptance of Azure's technology, competition for capital, productmarket and personnel, uncertainty as to target markets, dependence upon thirdparties, changes in environmental laws or policies, uncertainty as to patentand proprietary rights, availability of management and key personnel, andacquisition integration risk. These risks are set out in more detail inAzure's annual information form which can be accessed at www.sedar.com. The forward-looking statements contained in this press release are madeas of the date hereof and Azure undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as a result ofnew information, future events or otherwise, unless so required by applicablesecurities laws.For further information: Steven Glaser, Vice-President, Corporate Affairs,(416) 367-0220 ext.105, Email: sglaser(at)azuredynamics.com; David Shapton,Tel: +44 207 260 1312, Numis Securities Limited, Nominated Adviser to theCompany(AZD. ADC)END
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