Azure Dynamics Corp. (Vancouver, BC) announced its year-end results. For the year ended June 30, 2002, the company incurred a net loss of $5,756,197, or $0.18 per share, compared to a net loss for the year ended June 30, 2001, of $2,072,074, or $0.10 per share. The increase in the deficit in 2002, compared to 2001, is attributable to the ongoing development of the Azure Smart Energy Management System for hybrid-electric vehicles.
Chairman and CEO D. Campbell Deacon stated, "In 2002, we advanced Azure's product and technology, strengthened our internal resources, and raised awareness of our company and its Smart Energy Management System. Our goal is to remain at the forefront of commercialization of hybrid technology, working closely with our strategic partners and customers to realize the full benefit of Azure's Smart Energy Management System."
