Azure Dynamics Adopts International Financial Reporting Standards (IFRS) Plans to Announce 1st Quarter 2011 Results On June 14th, 2011

OAK PARK, MI, May 10 /PRNewswire-FirstCall/ - Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) ("Azure" or the "Company"), a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles, today announced that it plans to release its first quarter 2011 earnings on Tuesday, June 14 after the financial markets close. Azure Dynamics will report its first quarter 2011 results for the first time under International Financial Reporting Standards (IFRS) which replaces Canadian Generally Accepted Accounting Principles (GAAP) effective January 1, 2011 for all publicly accountable enterprises in Canada.

A conference call is scheduled for 5:00 p.m. eastern daylight time the same day. Interested listeners can access the call toll free at (877) 407-4134 and should call in at least 15 minutes before start time.  Participants from outside North America can participate in the call by dialing (201) 689-8430.

The Company anticipates that the adoption of IFRS will not have an impact on the Company's strategy or operations.  However, certain elements of the Consolidated Statement of Financial Position and results of operations will be determined differently from those that were previously reported under Canadian GAAP.  The CSA granted a 30-day extension to those issuers filing their first IFRS interim financial report, which means companies will have until June 14, 2011 to report results for the three-month period ended March 31, 2011.

Azure's earnings release and an accompanying presentation will be posted to the Company's website, www.azuredynamics.com, immediately prior to the call. For those unable to participate in the live conference, a call replay will be posted on Azure's website following the call no later than June 15, 2011. 

About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with a variety of partners and customers. The Company is committed to providing customers and partners with innovative, cost-efficient, and environmentally-friendly energy management solutions.  For more information on how Azure Dynamics products are Driving a World of Difference, please visit www.azuredynamics.com.

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements Advisory

Certain information included in this press release constitutes forward-looking statements and information and future-oriented financial information under applicable securities legislation and is provided for the purpose of expressing management's current expectations and plans for the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.

More particularly, this press release contains statements concerning Azure's anticipated fourth quarter and year-end earnings release and conference call. The forward-looking statements are based on a number of key expectations and assumptions made by Azure, including expectations and assumptions concerning achievement of current timetables. Although Azure believes that the expectations and assumptions used to develop the forward-looking statements are reasonable, undue reliance should not be placed on the forward-looking statements because Azure can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve numerous risks and uncertainties that contribute to the possibility that the projections and forecasts in the forward-looking statements will not occur and that actual performance or results could differ materially from those anticipated in the forward-looking statements. Additional information on these risks and other factors that could affect Azure's operations and financial results are included in reports on file with the Canadian securities regulatory authorities and can be accessed through the SEDAR website at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Azure undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Additionally, Azure undertakes no obligation to comment on the expectations of, or statements made by, third parties about Azure.

SOURCE Azure Dynamics Corporation

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