Pursuant to the Equity Investment, Johnson Controls’ Canadian subsidiary acquired, on a private placement basis, 21,080,000 common shares of Azure, at a price of CDN$0.30 per common share, for gross proceeds to Azure of CDN$6,324,000. As a result of the Equity Investment, Johnson Controls’ Canadian subsidiary now holds approximately 3.4% of the issued and outstanding common shares of Azure.
Azure plans to use the net proceeds of the Equity Investment to fund its ongoing product development and commercialization efforts as well as for general corporate purposes.
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 various partners and customers. Azure is committed to providing customers and partners with innovative, cost-efficient, and environmentally friendly energy management solutions.
Johnson Controls is a global diversified technology and industrial leader serving customers in over 150 countries. Our 130,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. We are committed to delivering shareholder value through our growth strategies and we forecast our revenues will be $33 billion for 2010.