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Azure Dynamics signs deal to sell patent portfolio under CCAA process
BURNABY, B.C. – Azure Dynamics Corp. (TSX:AZD), which is operating under court protection from creditors, said Thursday it has signed a deal to sell its portfolio of patents and related rights and assets.
Terms of the agreement were not immediately 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.
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