Azure Dynamics Appoints Interim CFO

Oak Park, Michigan (ots/PRNewswire) -

Azure Dynamics Corporation ("Azure" or the "Company"), a world
leader in the development and production of hybrid electric and
electric components and powertrain systems for light and medium duty
commercial vehicles, announced today that Ryan Carr, Chief Financial
Officer, has resigned as CFO of the Company and Stephen Lee, Vice
President, Finance & Corporate Controller, has been appointed as
interim CFO until a permanent replacement is named. Mr. Carr will
remain as a non-officer employee until February 16, 2012 to assist in
the transition.

"Since 2008 Azure has made significant progress in the
commercialization of Hybrid and EV technologies which now powers over
2,200 vehicles worldwide and Ryan has played a key role in this
growth," said Scott Harrison, Azure's CEO. "We thank Ryan for his
contributions to Azure, wish him well and appreciate his assistance
in the transition." Mr. Carr and his family will be returning to
Southern California where they previously lived and where he has
accepted a similar position with Money Mailer, LLC in Garden Grove,
CA.

Mr. Lee, age 35, has been with Azure for a total of five years in
various financial management positions with increasing responsibility
and most recently as the Vice President, Finance and Corporate
Controller since June, 2010. Mr. Lee was previously the Chief
Financial Officer of Vancouver based Carmanah Design and
Manufacturing Inc., a leading machinery and equipment manufacturer.
Mr. Lee began his career in 1998 and is a Certified General
Accountant. He received his bachelor's degree in accounting from the
University of Calgary.

Harrison continued, "We've built great bench strength and
continuity in our finance department over the past several years, and
everyone from the management team to the board of directors has the
utmost confidence in Stephen as he assumes the interim CFO position.
The board of directors will begin the process of identifying a
permanent replacement and expects a seamless transition throughout
this period."

For more information on how Azure Dynamics products are Driving a
World of Difference, please visit http://www.azuredynamics.com.

About Azure Dynamics Azure Dynamics Corporation is a world leader
in the development and production of hybrid electric and electric
components and powertrain systems for light and medium duty
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 please visit
http://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 transition to an interim CFO and
identification of a permanent replacement CFO. 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 for development programs and sales,
target market acceptance of Azure's products, current and new product
performance, availability and cost of labor and expertise, and
evolving markets for power for transportation vehicles. 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. These risks and
uncertainties include, but are not limited to, the risks associated
with Azure's stage of development, history of losses and lack of
historical product revenues, uncertainty as to product development
and sales milestones being met, product defect and performance risks,
competition for capital and market share, uncertainty as to target
markets, dependence upon third parties, changes in environmental laws
or policies, uncertainty as to patent and proprietary rights,
availability and retention of management and key personnel, exchange
rate and currency fluctuations, uncertainties relating to potential
delays or changes in plans with respect to product development or
capital expenditures, the ability of Azure to access sufficient
capital on acceptable terms, and environmental and safety risks. This
is not an exhaustive list and 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
athttp://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.

For further information:

JurisPagrabs, Vice President, Investor Relations, +1-248-298-2403
ext 7570, Email: [email protected]

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