News Release re - Sale of patents
Azure Dynamics Enters Into Agreement to Sell its Patents
BURNABY, BC, Aug. 9, 2012, 2012 (Canada NewsWire via COMTEX) --
Azure Dynamics Corporation (the"Company") today announces thatit has entered into an agreement to sell its portfolio of patents and related rights and assets to a third party.
The Agreement was executed following a sale and investment solicitation process administered by the Company under the supervision of the court-appointed monitor, Ernst & Young Inc., in the Company"s ongoing insolvency proceedings under theCompanies" Creditors Arrangement Act(the "CCAA Proceedings").
The transaction is conditional on,inter alia, the satisfactory completion of due diligence by the purchaser, purchaser board approval, and approval of the transaction by the Supreme Court of British Columbia in the CCAA Proceedings. It is anticipated that the transaction will close before the end of August, 2012.
Details with respect to the Company"s CCAA Proceedings are available on the Monitor"s website at; https://documentcentre.eycan.com/Pages/Main.aspx?SID=239&Redirect=1
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 a variety of 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.
SOURCE: Azure Dynamics Corporation
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SOURCE: Azure Dynamics Corporation
Mike Elwood (416) 953-4134 Email:melwood@azuredynamics.com
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