Azure Dynamics Corporation Completes $30 Million Public Offering

December 22, 2009

Azure Dynamics Corporation (TSX: AZD) completed a public offering of 166,666,667 common shares at a price of CDN$0.18 per share for gross proceeds of approximately CDN$30,000,000. The offering was conducted through a syndicate of agents led by Raymond James Ltd. and including Cormark Securities Inc., Stonegate Securities, Inc. and Paradigm Capital Inc.

Azure is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure plans to use the net proceeds of the offering to fund its engineering, research, development and related costs, selling and marketing expenditures, general and administration expenditures, as well as general working capital requirements.

Wildeboer Dellelce LLP acted for the agents in connection with the offering with a team that included Derek Sigel, Sanjeev Patel and Darryl Holyday (corporate/securities).