Azure Dynamics Announces Private Placement

Azure Dynamics Corp. (Vancouver, BC), a developer of hybrid-electric, smart energy-management systems for commercial vehicles, announced that it intends to complete a non-brokered private placement of 240,000 common shares at a price of $0.50 per share. Closing is anticipated for July 15, 2002, and is subject to all applicable regulatory approvals. The proceeds from the private placement will be used for general corporate purposes.