Azure Dynamics Restructures; 25% Employment Cut

Azure Dynamics Corporation, a developer of hybrid electric and electric powertrains for commercial vehicles, released a new restructuring and cost reduction plan that requires a 25% layoff of its employees together with reductions in all discretionary expenses and increased actions to offset component cost increases.

Recently, Azure announced a 5 year supply agreement with Johnson Controls-Saft that will supply Azure with advanced lithium-ion hybrid technology battery packs to power its commercial vehicles. The agreement will supply scheduled deliveries of the packs thereby eliminating previous supply uncertainties. The Agreement will enable Azure to consistently provide significant fuel savings and environmental benefits to its customers.

In addition the Company plans to further focus its product development on existing products. In addition, it is actively working with its customers on new programs which involve sharing development costs.

Azure says that it is also applying for low-cost US and Canadian government loans which encourage fuel efficient vehicle development.

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