November 29, 2002

London Taxis signs with Canadian company for hybrid electric technology

Vancouver, B.C. - Azure Dynamics Corporation, a developer of hybrid electric systems for commercial vehicles, and London Taxis International, a leading manufacturer of purpose-built taxis, are pleased to announce the signing of a Memorandum of Understanding concerning a joint program to develop and produce advanced hybrid electric powered taxis.

Under the terms of the MOU, Azure and London Taxis agree to work towards a development agreement and supplier relationship for hybrid electric powertrains for current and new generation taxis; annual volumes are projected to be up to 3,000 vehicles.

Campbell Deacon, Chairman and CEO of Azure Dynamics said, "Taxis are core constituents of our modern city lifestyles; with the enhancement of hybrid electric technology they can now become a significant contributor to smog reduction, thus improving the quality of the environment in which we live and work. We are particularly pleased to establish this MOU with London Taxi International. The London taxi is a recognized icon around the world. Not only are the potential volumes large for Azure, the exposure of Azure's "Smart Energy Management System" in one of the leading financial and cultural centres of the world will help our company to educate people of its environmental and economic benefits."

Ian Pickering, CEO of Manganese Bronze Holdings PLC (100% owner of London Taxi International) stated that "London Taxi is continually focused on providing the best possible vehicles to taxi operators. We believe the Azure Dynamics hybrid electric option will become a popular transport choice"

Azure Dynamics Corporation is an innovative company that has developed proprietary hybrid electric vehicle technology for retrofit and new vehicle powertrains in the light and medium duty commercial category. Azure's intellectual property combined with interchangeable, off-the-shelf components provides an affordable and effective solution for fleet managers in applications such as the postal and courier delivery fleets.

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