Odyne Corporation to Evaluate Strategic Alternatives and Retain Financial Advisor

HAPPAUGUE, N.Y.--(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”

“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.