Azure Dynamics Corporation (AZDDF) wins new order, shares leap

Posted on: Monday, August 29th, 2011
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Azure Dynamics Corporation (OTCBB: AZDDF) shares hiked 22.7 % to 14 cents Monday, after announcing today that its Norwegian Ford dealership, RøhneSelmer, has signed an order for an additional 100 Transit Connect Electric vans. Volume for Azure was 79,500 shares, making up ground on a daily average of about 125,000.

A news release out August 29 reported that RøhneSelmer’s original order, in March of this year, was for 58 units for various clients, among them Norway Post, known in Norway as “Posten Norge AS”.

According to RhoneSelmer sales director Anders Gadsboll, “We’ve worked exclusively with Ford for more than 50 years and know that with Azure Dynamics’ technology, the Transit Connect Electric will meet the environmental requirements and tough weather conditions of the Norwegian market. We sold 50 Transit Connect Electric vans before the first unit was delivered to us and we’re confident we’ll sell many, many more the remainder of this year and beyond. It’s the right product for today’s Norwegian market.”

“Norway has a large customer base with a good understanding of and appreciation for electric vehicles, which RøhneSelmer obviously recognizes,” said Ricardo Espinosa, Managing Director of European Operations for Azure Dynamics. “The Transit Connect Electric can play an important role in the Norwegian market and help to achieve Norway’s aggressive environmental goals.”

Azure, located in Oak Park, Michigan, is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles.

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Category: OTCBB, Penny Stocks
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