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September 12th, 2005
Azure Dynamics Corporation (TSX:AZD), a company involved
in the development of hybrid electric powertrains and energy storage systems for hybrid vehicles, has closed a private placement
of over CDN$11 million. The company issued 11,050,000 common shares at CDN $1.00 per share.
Campbell Deacon, Azure's Deputy Chairman and Chief Executive
Officer with the closing commented on the company’s cash reserves and the role of a large investor, "Azure Dynamics
is fortunate that one of the world's largest investment advisors has decided to significantly increase its investment, on
behalf of clients, in Azure by way of this financing. The addition of these funds takes Azure's cash reserves to in excess
of CDN$26 million."
Azure Dynamics currently is working with a number of
companies and government agencies. It lists Purolator Courier Ltd., Canada Post, US Department of Defense, United States Postal
Service, SEV Group Limited, Leyland Product Development and London Taxis International as its partners.
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