Odyne Corporation to Evaluate Strategic Alternatives and Retain Financial Advisor

  
    
  
  
    
      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.