Odyne Corporation to Evaluate Strategic Alternatives and Retain Financial Advisor
October 20 2008 - 9:51AM
Business Wire
Odyne Corporation (OTCBB:ODYC), a clean technology company that
develops advanced hybrid electric vehicle propulsion systems,
announced today that the Company has retained Matrix USA, LLC as
its financial advisor to evaluate the company�s strategic
alternatives, including a possible sale of the company, a strategic
partnership, a technology licensing agreement, or an additional
raise of equity capital. The Company said there can be no assurance
that any transaction will occur or, if one is undertaken, its terms
or timing. The Company stated that it does not expect to update its
progress or disclose developments with respect to the assessment of
strategic alternatives unless the Board of Directors has approved a
definitive transaction on terms that the Board of Directors
believes will be in the best interests of the shareholders of
Odyne. �As the demand for clean technologies in the automotive and
trucking industry grows, we believe that a strategic step that
enables Odyne to scale production and further commercialize our
systems is critical at this time," said Alan Tannenbaum, CEO of
Odyne Corp. About Odyne Corporation Odyne Corporation is a clean
technology company that develops and manufactures propulsion
systems for advanced Plug-in Hybrid Electric Vehicles (PHEV),
specifically medium and heavy-duty trucks and buses. The company
has developed a proprietary system combining electric power
conversion, power control and energy storage technology, with
standard electric motors, storage batteries and other off the shelf
components that enables vehicles to have lower fuel, operating and
maintenance costs with substantially lower emissions. Visit
www.odyne.com for more information. Forward-Looking Statements This
news release contains certain "forward-looking statements," related
to the business of Odyne which can be identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties, including uncertainties
relating to product development and commercialization, regulatory
actions or delays, the ability to obtain or maintain patent and
other proprietary intellectual property protection, market
acceptance, future capital requirements, competition in general and
other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the U.S.
Securities and Exchange Commission. Odyne is under no obligation to
(and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
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