Odyne Corporation Announces Suspension of Operations

  
    
  
  
    
      Odyne Corporation (OTCBB: ODYC), a clean technology company that 
      develops advanced hybrid electric vehicle propulsion systems, announced 
      today that the company will be suspending operations.
    
    
      As disclosed in October 2008, Odyne retained Matrix USA, LLC to explore 
      strategic alternatives. These efforts have not been successful. 
      Accordingly, Odyne today announced that, after careful consideration, it 
      has determined to wind-down the operations of the company, terminate 
      substantially all of its employees, discontinue its operating leases, 
      resolve its outstanding liabilities and liquidate its remaining assets.
    
    
      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.