Azure Dynamics Reports Record Shipments In Second Quarter
The Oak Park hybrid truck developers Azure Dynamics Corp. (OTCQX: AZDDF) Monday reported that it had shipped a record number of units during the second quarter.
The company also reported continued progress on "a number of key sales initiatives."
The company shipped 49 hybrid electric and 37 electric vehicle systems during the second quarter. Key deliveries were made to FedEx Express, AT&T, Pennsylvania Department of Transportation and several others.
In addition, a number of key sales initiatives are expected to contribute positively to Azure's performance in the second half of 2008, including the following:
* Production has commenced on the company's largest order to date of 105 Balance Hybrid Electric systems for Purolator Courier Ltd., Canada's largest courier company.
* Four dealers have recently been signed up as part of the company's plan to sign approximately 50 dealers over the next year in major metro markets in the United States and Canada. This will broaden Azure's distribution network for its Balance Hybrid Electric medium-duty trucks.
* New fleets with over 5,000 estimated annual commercial vehicle purchases are either currently engaged in an active product trial or demonstration for the Balance Hybrid Electric, or are expected to enter into one during the third quarter
"We are seeing unprecedented demand for each of our product lines and are encouraged by the significant number of trials underway with new customers that have major national fleets," Azure CEO Scott Harrison said. "Thanks to exceptional efforts by all of our associates, our Balance Hybrid Electric system launched this past May. Our product is performing well and we are providing exceptional value to our customers in the course of executing on our plan to continue to grow our business."
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