May 8, 2003

Azure Dynamics to supply hybrid electric powertrains to U.K. delivery maker

Vancouver, B.C. – Azure Dynamics Corporation, a leading developer of hybrid electric powertrains for commercial vehicles, and UK based Manganese Bronze Holdings Plc through its
subsidiary London Taxis International, a leading manufacturer of purpose-built taxis, announced they have entered into an agreement for Azure to supply electric and hybrid electric powertrains for a new multi-purpose urban delivery vehicle to be available for delivery to
customers in 2005.

Azure and LTI have agreed to co-operate in the development and production of electric and hybrid electric delivery vehicles, incorporating LTI’s vehicle technology and Azure’s patented “Smart Energy Management Technology” for electric and hybrid electric powertrains. A range of electric and hybrid electric vehicles with a common low-floor platform, adaptable to specific
urban applications such as the delivery of goods and passenger transportation, are planned. The vehicles will use significantly less fuel and produce in excess of 50% less emissions in addition to having the ability to operate in zero emission mode. Other design features include improved performance, unique styling, and lower operating and maintenance costs when compared with existing delivery vehicles. The common platform will accommodate a range of vehicle superstructures which will include a wheelchair accessible shuttle bus, a panel van, a flat bed van and other specialist delivery vehicle applications.

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