OAK PARK, MI, April 17 /PRNewswire-FirstCall/ - Azure Dynamics Corporation
("Azure" or the "Company") a leading developer of hybrid electric and electric powertrains for commercial vehicles, announced today the appointment of James C. Gouin to its Board of Directors, subject to normal regulatory approvals and procedures. Gouin recently joined Tower Automotive LLC as Chief Financial Officer following a distinguished career at Ford Motor Company ("Ford"). "Jim Gouin's financial expertise is well known and respected throughout the automotive industry and his broad based business achievements in finance and industry are matched by his reputation of being an excellent team player and strong communicator," said D. Campbell Deacon, Chairman of Azure Dynamics. "Jim's financial expertise and international business experience will be of real benefit to the Board and management as Azure continues to aggressively penetrate commercial markets this year." "Azure Dynamics is poised to be a major player and a successful competitor in the emerging market for hybrid electric and electric commercial vehicles," Gouin said. "They have perfected their technologies, are capitalizing on their target markets such as delivery vans and shuttle buses, and have the right executive team in place to maximize the outstanding growth opportunities they are currently experiencing." Gouin's extensive career in the automotive industry started in 1979 when he joined Ford as an analyst in the engine division. During his 28 year Ford career, Gouin served in a number of senior management positions including: Vice President, Controller, Chief Accounting Officer during the company's first year of Sarbanes-Oxley compliance and Chief Financial Officer of North American Operations. His last position with Ford was as Vice President, CFO, Strategy & Business Development of International Operations. Gouin holds a Bachelors of Science in Business Administration from the Detroit Institute of Technology, an MBA in Finance from the University of Detroit/Mercy and an Accounting Diploma from St. Clair College, Windsor, Ontario. Gouin currently serves as a member of the Board of Directors and Treasurer of Vista Maria, a Detroit based, non-profit organization dedicated to the survival and education of troubled young women and also acts as a member on the Board of Trustees and Executive and Finance Committee of the University of Detroit/Mercy. Gouin was formerly a member of the Board of Directors for Volvo Car Corporation in Goteborg, Sweden from 2003-2007 and Ford Motor Credit Corporation from 2005-2007. About Azure Dynamics -------------------- Azure Dynamics Corporation
is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various 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 www.azuredynamics.com.
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Forward-looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning Azure's business development strategy, projected commercial revenues and product deliveries. The forward-looking statements are based on certain key expectations and assumptions made by Azure, including expectations and assumptions concerning achievement of current timetables for development programs, target market acceptance of Azure's products, current and new product performance, availability and cost of labour and expertise, and evolving markets for power for transportation vehicles. Although Azure believes that the expectations and assumptions on which the forward-looking statements are based 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 inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with Azure's early stage of development, lack of product revenues and history of losses, requirements for additional financing, uncertainty as to commercial viability, uncertainty as to product development and commercialization milestones being met, uncertainty as to the market for Azure's products and unproven acceptance of Azure's technology, competition for capital, product market and personnel, uncertainty as to target markets, dependence upon third parties, changes in environmental laws or policies, uncertainty as to patent and proprietary rights, availability of management and key personnel, and acquisition integration risk. These risks are set out in more detail in Azure's annual information form which can be accessed at 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.
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