Azure Dynamics Reports on Progress and Releases 2005 First Quarter Results.TORONTO -- Azure azure /az·ure/ (azh´er) one of three metachromatic basic dyes (A, B, and C). az·ure n. Any of various dyes used in biological stains, especially for blood and nuclear staining. 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 and electric powertrains for commercial and military vehicles Military vehicles include all land combat and transportation vehicles, excluding rail-based, which are designed for or are in significant use by military forces. See also list of armoured fighting vehicles. , is pleased to announce its results for the three months ended March 31, 2005. The Company incurred a net loss of $4.9 million ($0.04 per share) compared to a net loss of $1.2 million ($0.02 per share) in the comparable 2004 quarter as it continued to invest in the commercialization of its products. QUARTERLY UPDATE: Solectria Takeover and Integration The highlight of the first quarter is the speed at which we have been able to integrate our two companies. We were convinced there was a great deal of synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. in the operations and this has proven to be the case. Since the January 31st closing date, we have held two in depth corporate strategy and planning sessions which have resulted in our engineering teams significantly progressing our programs and collaborating on new business opportunities. We are currently consolidating the customer service and finance functions. The overall size of our company and combined experience has allowed us to slow our hiring process to less than the individual pre merger plans. Purolator Courier Purolator Courier is a Canadian courier that is 97% owned by Canada Post. The company was originally organized as Trans Canada Couriers, Ltd. In 1967 it was acquired by the US manufacturer of oil and air filters: the name was originally an abbreviated form of "pure oil Limited ("Purolator") The build of 20 preproduction pre·pro·duc·tion adj. 1. Taking place or existing before production: preproduction planning. 2. hybrid powered Hybrid Power in this context describes the combination of a power producer and the means to store that power in an energy storage medium. In power engineering, the term 'hybrid' does not mean a "method," such as the popular use of hybrid to mean a vehicle like the Toyota chassis Pronounced "chah-see," it is a physical structure that holds everything or that everything is attached to. A computer's cabinet is often called the chassis. has been completed in Detroit. The hybrid powered chassis have been delivered to Utilimaster who are contracted by Purolator to fit the delivery van body. This was the first major third party build for us, and while it has taken longer than we had planned, the process has been a very valuable learning curve which we will be able to apply to all future production builds. As the hybrid system A hybrid system is a dynamic system that exhibits both continuous and discrete dynamic behavior — a system that can both flow (described by a differential equation) and jump (described by a difference equation). included is preproduction, we expect that further modifications to the system will occur and will be applied to upgrade the in-service in-service In-service training adjective Referring to any form of on-the-job training noun In-service training of an employee operation of the vehicles. We are finalizing the details with Purolator for a press event expected to be May 27th to formally announce the commencement of Canadian operations of their hybrid fleet in Toronto. With respect to the remaining preproduction trucks, we intend to demonstrate a gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by version of the series hybrid with Purolator so they can make an in-service comparison of performance and emission differences. In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , regulations are heavily biased against diesel and regulators such as the EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. (US) and CEPA CEPA Canadian Environmental Protection Act CEPA Closer Economic Partnership Arrangement (Mainland China-Hong Kong) CEPA Canadian Energy Pipeline Association CEPA Comisión Ejecutiva Portuaria Autónoma (Canada) have yet to resolve how they will measure hybrids where the drive cycle has such a major impact on vehicle emissions. Canada Post Canada Post Corporation (French: Société canadienne des postes) is a Canadian postal service operated as a crown corporation. The successor to the Post Office Department of the Government of Canada, Canada Post was created on October 16, 1981 by the The Canada Post trials are scheduled to be complete in the third quarter of 2005. Two trucks operated in Edmonton during the winter, two in Ottawa. The trial has uncovered Uncovered may refer to:
London Taxis taxis (tăk`sĭs), movement of animals either toward or away from a stimulus, such as light (phototaxis), heat (thermotaxis), chemicals (chemotaxis), gravity (geotaxis), and touch (thigmotaxis). International ("LTI LTI Linear Time Invariant LTI Long Term Incentive (NZ) LTI Lingua Tertii Imperii (language of the NAZI empire, Latin) LTI Lost Time Injury LTI Leadership Training Institute LTI Lost Time Incident ") The third development and second generation taxi should be complete by late May. It was built at LTI's facility in Coventry, England (the first two taxis were designed and built at Azure's facility in Burnaby, BC). The most significant upgrades to the original vehicles are the new Nickel Metal Hydride (NiMH) A rechargeable battery technology that has approximately 30-50% more charge per pound than nickel cadmium. Introduced in the early 1990s, it uses nickel and metal hydride plates with potassium hydroxide as the electrolyte. battery pack and associated software changes. These refinements are designed to improve the performance. They are based upon extensive testing that the first generation vehicles have undergone since last year's launch in London, England. This second generation taxi marks the completion of the final milestone in our demonstration program which has been funded by the UK Energy Savings Trust. We are currently in discussions with LTI to resolve the production, financing and marketing issues in order to move to commercialization. United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Postal Service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval ("USPS (1) (Uninterruptible Switching Power Supply) A power supply for a computer that contains its own battery and uninterruptible power supply (UPS) circuitry. See power supply and UPS. ") A series hybrid postal truck is about to commence in-service trials. A second truck, which is to be a parallel hybrid, is targeted to be built and delivered in the fourth quarter of 2005. Both vehicles, which are their larger delivery trucks, will be in service in the Boston area where they will be supported and monitored by the Azure Customer Service team based in Boston, MA. With respect to the smaller CRV CRV Curve CRV Crew Return Vehicle (NASA) CRV California Redemption Value CRV Cassa Di Risparmio Di Vignola (Italian bank) CRV Call Reference Value (telecommunications) delivery vehicles, USPS has issued a Request for Quote ("RFQ RFQ Request For Quote RFQ Request For Quotation RFQ Request for Qualifications (part of a potential client's preliminary selection process) RFQ Radio Frequency Quadrupole (accelerator technology) "). We intend to participate in the process as a powertrain partner to one or more of the four applicants that are responding to the RFQ. This fleet replacement is targeted to begin in the second half of 2006, over an eight year period. AM General We continue to make good progress on the development of the parallel hybrid High Mobility Multipurpose Wheeled Vehicle
The M998 High Mobility Multipurpose Wheeled Vehicle (HMMWV or Humvee) is a military 4WD motor vehicle created by AM General. ("HMMWV HMMWV High Mobility Multipurpose Wheeled Vehicle (HMMWV is a trademark of AM General LLC; aka HUMVEE, also a trademark of AM General LLC) ") and are on schedule to deliver the first vehicle drive system to AM General mid-year. Integrating hybrid technology into tactical vehicles See: military designed vehicle. like the HMMWV will improve fuel usage, provide 15Kw of export power and will be capable of silent watch/silent mode operation. We will be working jointly with the AM General engineering team at their South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. facility to optimize optimize - optimisation performance prior to sending the vehicle to the US Army test facility at Aberdeen, MD. where it will undergo testing for approximately six months beginning in September 2005. Successful testing should lead to preproduction and production during 2006. Engineered Air Systems Inc. ("EASI EASI Equal Access to Software and Information EASI Environmental Alliance for Senior Involvement EASI Energy Automation Systems, Inc. EASI Easy Access for Students and Institutions (student financial assistance) EASI Engineered Air Systems Inc. ") Our US$ 4.2 million contract with EASI to produce the electronics for the HMMWV mounted Chemical/Biological Protective Shelter ("CBPS CBPS Congenital Bilateral Perisylvian Syndrome CBPS chemical biological protective shelter (US DoD) CBPS Coded Bits Per Symbol "), continues to move forward with testing of the prototypes beginning this past January at their St. Louis test facility. Testing is scheduled to continue until June 2005 when the Joint Program Managers Office is expecting that the design will be "frozen" and production will be launched. Our current production schedule is for shipments to begin in the fourth quarter of 2005. We have also responded to a request for proposal to retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in existing CBPS units and continue to work with EASI with respect to the future production program to build new CBPS units. 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) Group Limited ("SEV") Further to the 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. entered into with SEV in February 2005, we shipped the first electric powertrain kit to SEV in March. We anticipate the completion of a demonstration all-electric delivery vehicle at SEV in the second quarter of 2005. This vehicle is based on their current electric delivery van, upgraded for the higher-speed and increased range capability provided by Azure's technology. The powertrain design and components were rapidly specified by joint collaboration between our Boston and Vancouver engineering groups. The ongoing customer support and integration engineering will be provided by our UK based engineering team. The SEV program demonstrates the value of our international organization. Renault Trucks Renault Trucks is a French truck manufacturer with its corporate headquarters at Saint-Priest near Lyon. Since 2001 it has been owned by Volvo Group. From its beginnings in 1978 to 2002, the company was called Renault Véhicules Industriels UK The electric Renault Master Renault Master is the name used by French vehicle manufacturer Renault for its upper-medium size van (around the 3.5 ton segment) — similar in size to the largest models of the more common Ford Transit. Delivery Van, which was developed last year, commenced initial customer trials at London's Heathrow Airport in February 2005 and is currently with British Airways British Airways in full British Airways PLC International passenger airline based in London. In 1936 British Airways Ltd. was founded through the merger of three smaller airlines. . New Azure Dynamics UK Facility With North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. growth stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. since the merger with our Boston operations we are now focusing on growth in the United Kingdom. We have negotiated in principle the lease of a 5,000 sq. ft. facility in Kenilworth, England (near Coventry) to support our application engineering work. This growth is timely to support activity related to SEV development work and operation of our UK demonstration vehicles. The facility will be equipped to complete light vehicle integration activity and testing. It will also serve as a location for stocking service parts and production components. UK Business Expansion In conjunction with our increased program activity and new customer interest in the UK, we have hired three new key people: Nigel Base, Vice President Sales; Dan Hart, Engineering Manager; and Julia Bond, office manager/technical coordinator. We are confident that the additions to our team will support our growth objectives and improve our ability to respond to the growing demand for our products in the UK and Europe. North American Customer Service Consistent with the rapidity of our corporate integration activity, we have consolidated our North American Customer Service group. This is viewed as a key area of focus due to our anticipated increased level of field service activity associated with the in-service launch of vehicles with Purolator. Our customer service group is entering an intense period of training of Purolator's technicians and drivers. William Connors This article is about Sir William Neil Connor, the left-wing journalist for The Daily Mirror who wrote under the pseudonym of Cassandra. For William Duncan Connor, the New Mexico politician, see William D. Connor. , currently responsible for the operation of our profitable Boston customer service group, will be taking the overall leadership responsibility of customer service for the Company. FINANCIAL UPDATE: Selected Quarterly Financial Information
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Q1, 2005 Q4, 2004 Q3, 2004 Q2, 2004
(Jan - Mar) (Oct - Dec) (Jul - Sept) (Apr - Jun)
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Revenue $ 983,891 $ - $ - $ -
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Gross margin $ 291,040 $ - $ - $ -
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Expenses,
net $(5,212,563) $(2,728,944) $ (2,552,900) $(1,709,696)
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Net loss
for the
period $(4,921,522) $(2,728,944) $ (2,552,900) $(1,709,696)
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Loss per
share $ (0.04) $ (0.03) $ (0.03) $ (0.02)
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Weighted average
number of
Shares 124,891,576 94,229,512 87,322,084 84,032,618
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Q1, 2004 Q4, 2003 Q3, 2003 Q2, 2003
(Jan - Mar) (Oct - Dec) (Jul - Sept) (Apr - Jun)
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Revenue $ - $ - $ - $ -
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Expenses,
net $(1,206,853) $(1,158,309) $ (1,255,251) $ (595,857)
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Net loss
for the
period $(1,206,853) $(1,158,309) $ (1,255,251) $ (595,857)
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Loss per
share $ (0.02) $ (0.02) $ (0.03) $ (0.01)
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Weighted average
number of
Shares 79,525,744 54,547,058 45,044,375 45,031,042
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The higher loss in the first 2005 quarter, when compared to the first 2004 quarter, is mainly attributable to infrastructure growth and the higher number of ongoing customer projects, and includes the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. impact of the Solectria Corporation ("Azure US") acquisition. Azure US is generating revenues and margin contribution and is expected to make a positive contribution to profits in the latter part of the year when the majority of its 2005 customer orders are scheduled to be delivered. Revenue for the quarter ended March 31, 2005 of $984k is mainly comprised of sales of components, customer engineering contracts, and after-sales service after-sales service n (BRIT) (COMM) (for car, washing machine etc) → servicio de asistencia pos-venta after-sales service n → service m support. The revenue was derived from the Company's US operations. The expectation is for revenue growth in 2005 mainly in the latter part of the year. The Company expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. $3.1 million on engineering, research and development operations in the quarter (2004 - $1.0 million), including $1.4 million in respect of product development costs. Approximately $1.0 million of the increase in development costs is attributable to the growth in the engineering team and facilities. The Company now operates engineering teams and facilities (with light assembly and workshop capability) in Boston and Vancouver. A small facility is being added in Coventry, England to support the UK engineering and sales team. The Company now employs 68 research, engineering and technical employees compared to 16 a year ago. Product development expenses include the costs of the G1 preproduction development, the ongoing maintenance and testing costs of the Canada Post delivery vans, the build of a next-generation London Taxi, and the preparation of a USPS series hybrid truck for in-service trials. The preproduction process and vehicle builds have been conducted via a combination of internal resources, development partner resources, and outsourced contractual labour. Cash and cash equivalents at March 31, 2005 were $19.2 million. The Company raised net equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. of $11.8 million in the quarter. Net cash outflow in the quarter was approximately $6.8 million to finance operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. and the working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of in-progress customer jobs. The Company's interim financial statements and Management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial are available at www.sedar.com or on the Company's website. An extract of the interim financial statements is attached to this press release. 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 DHL abbr. 1. Doctor of Hebrew Letters 2. Doctor of Hebrew Literature , 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. NOTE: The foregoing information may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, but are not limited to: the ability to raise the capital required for product development and operations, product development delays, changing environmental regulations, the ability to attract and retain business partners, competition from other developers of hybrid electric vehicle A hybrid electric vehicle (HEV) is a vehicle which combines a conventional propulsion system with an on-board rechargeable energy storage system (RESS) to achieve better fuel economy than a conventional vehicle without being hampered by range from a charging unit like an control systems, competition from other advanced or existing power technologies, evolving markets for power for transportation vehicles. These factors should be considered carefully and readers should not place undue reliance on Azure's forward-looking statements. Investors are encouraged to review the risks detailed from time to time in the company's filings with regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities .
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Azure Dynamics Corporation
(A Development Stage Enterprise)
Consolidated Balance Sheets
March 31 December 31 March 31
2005 2004 2004
As at (Unaudited) (Audited) (Unaudited)
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$ $ $
ASSETS
Current
Cash and cash equivalents 18,519,591 14,312,708 11,738,134
Accounts receivable 891,111 211,459 693,789
Contributions receivable 1,354,299 996,328 585,707
Inventory and related
prepayments 2,439,832 1,199,078 -
Prepaid expenses 775,131 284,155 372,260
------------------------------------------
23,979,964 17,003,728 13,389,890
Restricted cash 725,760 - -
Employee loans - - 68,509
Property and equipment 5,382,138 538,972 350,950
Other assets 342,303 270,580 113,379
Intangible assets 13,116,668 - -
Goodwill 2,875,485 - -
------------------------------------------
46,422,318 17,813,280 13,922,728
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and
accrued liabilities 2,175,015 1,697,306 741,298
Customer deposits and
deferred revenue 1,397,829 - -
Current portion of notes
payable 372,000 - -
------------------------------------------
3,944,844 1,697,306 741,298
------------------------------------------
Long-term
Notes payable 2,330,881 - -
Shareholders' equity
Share capital 66,144,780 37,693,510 28,120,231
Contributed surplus 1,222,702 721,831 369,026
Deficit (27,220,889) (22,299,367) (15,307,827)
------------------------------------------
40,146,593 16,115,974 13,181,430
------------------------------------------
46,422,318 17,813,280 13,922,728
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Azure Dynamics Corporation
(A Development Stage Enterprise)
Unaudited Consolidated Statements of Operations and Deficit
For the three months ending
March 31
2005 2004(b)
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$ $
Revenues 983,891 -
Cost of sales 692,850 -
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Gross Margin 291,041 -
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Expenses
Engineering, research, development and
related costs, net 2,707,402 307,920
Selling and marketing 647,156 365,022
General and administrative 1,603,796 570,068
---------------------------
Total expenses 4,958,354 1,243,010
---------------------------
Loss from operations (4,667,313) (1,243,010)
---------------------------
Interest and other income, net 42,447 39,673
Foreign exchange loss (296,656) (3,516)
---------------------------
Net loss for the period (4,921,522) (1,206,853)
Deficit, beginning of period (22,299,367) (14,100,974)
---------------------------
Deficit, end of period (27,220,889) (15,307,827)
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Loss per share - basic (0.04) (0.02)
Weighted average number of shares
- basic (a) 124,891,576 79,525,744
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(a) No fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share have been disclosed, as these would be anti dilutive. (b) Certain reclassifications have been made to the March 31, 2004 comparative numbers to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the current period presentation.
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Azure Dynamics Corporation
(A Development Stage Enterprise)
Unaudited Consolidated Statements of Cash Flows
For the three months ending
March 31
2005 2004
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$ $
Cash flows from operating activities
Net loss for the period (4,921,522) (1,206,853)
Adjustments for:
Amortization of property and equipment
and other assets 143,437 40,714
Amortization of intangible assets 283,333 -
Unrealized foreign exchange loss 299,612 -
Common shares issued in exchange for services - 6,875
Stock option compensation expense 505,430 201,228
Changes in non-cash working capital items (2,864,161) (277,617)
--------------------------
(6,553,871) (1,235,653)
--------------------------
Cash flows from financing activities
Issuance of common shares (net of costs) 11,750,260 4,101,066
Principal repayments of notes payable (14,605) -
Foreign exchange loss (243,450) -
--------------------------
11,492,205 4,101,066
--------------------------
Cash flows from investing activities
Acquisition of property and equipment (290,328) (221,857)
Acquisition of other assets (96,518) (3,859)
Cash acquired from acquisition of subsidiary,
net of costs 421,523 -
Changes in loans to employees - 23,218
Foreign exchange loss (39,156) -
--------------------------
(4,479) (202,498)
--------------------------
Increase in cash and cash equivalents 4,933,855 2,662,915
Exchange loss on cash held in foreign currency (1,212) -
Cash and cash equivalents, beginning
of period 14,312,708 9,075,219
--------------------------
Cash and cash equivalents, end of period 19,245,351 11,738,134
--------------------------
--------------------------
Restricted cash (a) 725,760 -
Cash available 18,519,591 11,738,134
--------------------------
19,245,351 11,738,134
--------------------------
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(a) Restricted cash represents monies invested in US treasury bills to support a Letter of Credit security deposit on a property lease agreement. 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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