Azure Dynamics Announces MOU With SEV Group To Provide Powertrain Components And Technology For Their Electric Vehicles.TORONTO -- Azure Dynamics Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AZD AZD Alpha Xi Delta sorority AZD Ambiguity Zone Detection (iterative decoder) )(LSE LSE - Language Sensitive Editor :ADC (1) See A/D converter. (2) (Apple Display Connector) A peripheral connector from Apple that combines digital video display, USB and power in one cable. ) ("Azure Dynamics" or the "Company") a leading developer of hybrid electric powertrains for commercial and military vehicles is pleased to announce it has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. ("MOU") with Smiths Electric Vehicles ("SEV SEV Severity SEV Schienenersatzverkehr (German: Rail-Substitution-Traffic; by Bus During Engineering Works) SEV State Equalized Value SeV Sendai Virus SEV Schweizerischen Elektrotechnischen Vereins (Switzerland) ") part of the Tanfield Group, (LSE - TAN) an AIM listed Company based in the UK. The intent of the MOU is to integrate Azure Dynamics powertrain technology including, inverters, traction motors, and specified auxiliaries for application in the electric vehicles SEV currently builds as well as the next generation design of this vehicle. The first vehicle will be available in May 2005 with production units becoming available later in the year. The next generation vehicle, with significantly higher performance parameters, should be available in 2006. Campbell Deacon, Azure's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We are very pleased with this MOU as SEV Group has over seventy years of experience designing, manufacturing and selling electric vehicles for a wide range of industrial and commercial applications. These vehicles have proven to be very quiet, environmentally sound, economical and reliable". Roy Stanley, Chief Executive of the Tanfield Group, said, "Against a background that has seen very little change in electric vehicle technology over the years, our partnership with Azure will enable us to respond to the considerable market opportunities that exist by improving both the performance and the broader perception of electric commercial vehicles". SEV Group Limited is a UK based manufacturing company providing a complete range of electric vehicles, aerial access platforms, and materials handling equipment Mechanical devices for handling of supplies with greater ease and economy. See also materials handling. with comprehensive product support through their fleet maintenance operations and worldwide dealer network. It has a customer base of over 500 users of electric vehicles. For more information of the company please visit www.sev.co.uk Azure Dynamics Corporation and its group of companies is a world leader in the development and production of hybrid electric and electric commercial and military vehicles and systems. The group estimates it has over 25 million miles of vehicle experience. Azure Dynamics' operations are based in North America and Europe. 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 Corporation is a public company trading on the TSX (AZD) in Canada and on AIM (ADC) in the UK. For more company information please visit our website at www.azuredynamics.com. The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release. Azure Dynamics Corporation (TSX:AZD) (LSE:ADC) |
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