May 21-28, 2007

Azure Dynamics signs new deal with FedEx, announces plan to relocate headquarters

TORONTO, ONT-Azure Dynamics has signed agreements with FedEx Express, a subsidiary of FedEx, to develop gasoline parallel hybrid-electric powertrains for its delivery fleet. Under terms of the agreements, Azure will supply a parallel hybrid-electric test vehicle to FedEx Express for the Ford E-450 hybrid commercial delivery van development program. Once the development phase is completed, FedEx Express has committed to purchase a minimum of 20 pre-production parallel hybrid-electric Ford E-450 delivery vans, to be delivered by May 2008. FedEx Express introduced the FedEx OptiFleet E700, an environmentally-superior delivery truck, into its delivery fleet in 2004. The company now has 93 hybrid-electric vehicles in service in North America; these trucks have logged more than one million miles. In other activities, Azure Dynamics recently announced its decision to relocate its corporate headquarters, closing the Toronto office and setting up a head office in the Detroit/Windsor area or possibly Ohio. Company CEO Scott Harrison said the move will save over $1.6 million per year in costs and will put the company, which develops hybrid electric and electric powertrains for commercial vehicles, closer to the heartland of the North American automotive industry. Azure will also be closing its U.K. Kenilworth office and service centre. More information is available from Steven Glaser, Azure Dynamics vice-president, corporate affairs, 416/367-0220, ext. 105, E-mail sglaser@azuredynamics.com, Web site www.azuredynamics.com.

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