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USA: Azure Dynamics to Proceed with 1-for-40 Share Consolidation

Azure Dynamics Corporation (TSX: AZD; OTC: AZDDF) said effective March 19, 2012, it will be consolidating its common share capital on the basis of one (1) post-consolidation common share for every forty (40) pre-consolidation common shares held.

Azure Dynamics currently has 787,775,846 common shares and 33,838,750 warrants outstanding. Azure Dynamics will have approximately 19,694,396 common shares and 845,968 warrants outstanding after the consolidation.

The share consolidation was approved by shareholders at the Special Meeting of Shareholders held on August 19, 2011.

The consolidation has been conditionally approved by the Toronto Stock Exchange (TSX) and the common shares will begin trading on the TSX on a consolidated basis on or about March 22, 2012.

On February 24, 2012, TSX announced the commencing of a review of the common shares and warrants of Azure Dynamics with respect to meeting the continued listing requirements. Azure Dynamics has been granted 120 days in which to regain compliance with these requirements, pursuant to the Remedial Review Process.
Source techfinance.ca

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