MOSAID Technologies Inc. entered into an asset purchase agreement to acquire portfolio of patents and related rights and assets from Azure Dynamics Corp. (TSX:AZD) on July 27, 2012. Proceeds will be used to satisfy indebtness of creditors of Azure. The transaction is conditional on the satisfactory completion of due diligence by MOSAID, MOSAID Board approval and approval of the transaction by the bankruptcy court in the Companies' Creditors Arrangement Act (CCAA) proceedings. The transaction is expected to close before the end of August, 2012. Stuart Brotman of Fasken Martineau DuMoulin LLP acted as legal advisor to Azure Dynamics Corp. Jamey Gage of McCarthy Tétrault LLP acted as legal advisor to MOSAID Technologies Inc. Ernst & Young Inc acted as monitor for Azure.

MOSAID Technologies Inc. completed the acquisition of portfolio of patents and related rights and assets from Azure Dynamics Corp. (TSX:AZD) on August 31, 2012.