Azure Dynamics Reports Third-Quarter 2002 Results

May 28, 2002 by Jeff Shepard

Azure Dynamics Corp. (Vancouver, BC) announced its third-quarter results. For the quarter ended March 31, 2002, the company incurred a net loss of $1,505,418, or $0.04 per share, compared to a net loss for the same quarter of the preceding fiscal year of $583,931, or $0.03 per share. The increase in the deficit in the quarter ended March 31, 2002, compared to the quarter ended March 31, 2001, is attributable to the higher level of research and development, marketing, and management activities, as well as the costs associated with the expansion and strengthening of the technical and managerial teams.

D. Campbell Deacon, chairman and CEO, stated, "Azure continues to meet the milestones it has established to ensure successful commercialization of its technology. In the period under review, the company completed a further round of financing, raising $5.2 million; successfully concluded a six-month period of in-service trials of its prototype hybrid-electric vehicle with the Canada Post fleet; and commissioned independent economy and emissions tests on our prototype that validated the benefits of our technology."