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Azure Dynamics shares jump on hybrid bus order

Wed Aug 5, 2009 10:28am EDT

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* Order is for 10 buses immediately, option of 40 more

* Azure shares rise 10 pct

VANCOUVER, British Columbia , Aug 5 (Reuters) - Shares of Azure Dynamics Corp (AZD.TO) rose early on Wednesday after the company said it had won a bid to supply up to 50 hybrid electric shuttle buses to municipalities in Kentucky.

Azure's penny stock climbed as high as 21.5 Canadian cents on the Toronto Stock Exchange, a gain of 10 percent or 2 Canadian cents.

Azure, a manufacturer of hybrid electric and electric powertrains, said 10 buses were ordered immediately by three Kentucky municipalities with an option for up to 40 more.

The vehicles are expected to be delivered by the beginning of September.

The Commonwealth of Kentucky is one of the first states to receive U.S. government stimulus money aimed at providing fuel efficient and environmentally friendly transport.

($1 = $1.07 Canadian)

(Reporting by Nicole Mordant)



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