Azure Dynamics to sell patent portfolio under CCAA process
Produces hybrid components, powertrain systems for commercial vehicles
BURNABY, BC: Azure Dynamics Corp., which is operating under court protection from creditors, has signed a deal to sell its portfolio of patents and related rights and assets.
Terms of the agreement were not available.
The deal follows a process administered by the company under the supervision of a court-appointed monitor.
Azure develops and produces hybrid electric and electric components and powertrain systems for light and medium duty commercial vehicles.
The company abandoned a planned financing and sought court protection from its creditors under the Companies’ Creditors Arrangement Act earlier this year.
© 2012 The Canadian Press