ADC Azure Dyn

    Closing of Private Placement

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    OAK PARK, MI, Aug. 27 /CNW/ - Azure Dynamics Corporation (TSX: AZD, LSE: ADC &
OTCQX: AZDDF) - ("Azure" or the "Company"), a leading developer of hybrid
electric and electric powertrains for commercial vehicles, is pleased to
announce that it has closed on the 84,000,000 shares relating to the
non-Canadian portion of the private placement offering announced on August 22,
2008 at a price of CDN$0.25 per common share for gross proceeds of
CDN$21,000,000. It is anticipated that a further announcement regarding the
successful completion of the placing of the 16,000,000 shares relating to the
Canadian portion of the Offering will be made upon the opening of the Toronto
Stock Exchange.

    About Azure Dynamics

    Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) (OTCQX: 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 various 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 www.azuredynamics.com.

    The TSX and LSE Exchanges do not accept responsibility for the adequacy
    or accuracy of this release.

    Forward Looking Statements

    This press release contains forward-looking statements. More
particularly, this press release contains statements concerning Azure
Dynamics' business development strategy, projected commercial revenues and
product deliveries.
    The forward-looking statements are based on certain key expectations and
assumptions made by Azure Dynamics, including expectations and assumptions
concerning achievement of current timetables for development programs, target
market acceptance of Azure Dynamics' products, current and new product
performance, availability and cost of labour and expertise, and evolving
markets for power for transportation vehicles.
    Although Azure Dynamics believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because Azure Dynamics
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 inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, the risks associated with
Azure Dynamics' early stage of development, lack of product revenues and
history of losses, requirements for additional financing, uncertainty as to
commercial viability, uncertainty as to product development and
commercialization milestones being met, uncertainty as to the market for Azure
Dynamics' products and unproven acceptance of Azure Dynamics' technology,
competition for capital, product market and personnel, uncertainty as to
target markets, dependence upon third parties, changes in environmental laws
or policies, uncertainty as to patent and proprietary rights, availability of
management and key personnel, and acquisition integration risk. These risks
are set out in more detail in Azure Dynamics' annual information form which
can be accessed at www.sedar.com.
    The forward-looking statements contained in this press release are made
as of the date hereof and Azure Dynamics 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.


For further information: Azure Dynamics, Ryan Carr, Chief Financial Officer,
(248) 298-2403, Email: rcarr(at)azuredynamics.com; Numis Securities Limited as
Nominated Adviser to the Company, Stuart Skinner, Richard Kenny, Tel: +44 20
7260 1000; Numis Securities Limited as Broker to the Company, David Poutney,
Tel: +44 20 7260 1000
(ADC)



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