One of the largest final-stage manufacturers of medium and heavy duty trucks in the U.S. and one of the largest utility truck rental companies announced that an affiliate has acquired most of the assets of Odyne Corporation and will produce plug-in electric hybrid drive systems for medium and heavy duty trucks.

Under the terms of a transaction that closed Jan. 20, a separate affiliate of DUECO, Inc. and Utility Equipment Leasing Corporation has acquired Odyne Corporation's intellectual property, proprietary software and components, and selected inventory and equipment assets. The application of Odyne's plug-in technology enables truck fleets to significantly reduce fuel consumption, emissions, noise and brake wear.

Joe Dalum, Executive Vice President of DUECO, said, "This acquisition strategically expands our ability to provide our customers with state of the art plug-in hybrid technology. DUECO has been a leader in providing plug-in hybrid medium and heavy duty trucks to the utility industry during this time of increased focus on improving our environment and reducing our nation's dependence on foreign oil. The synergies created by this acquisition will allow us to accelerate development and deployment of proprietary new hybrid technology for segments of the truck market with strong demand for cleaner, more efficient vehicles. We are very excited about this significant opportunity to grow our business and create new jobs. We expect the transition to be seamless and transparent to our customers, including service and parts support."

About DUECO, Inc.

DUECO, Inc., the largest privately owned final-stage manufacturer of Terex Utilities products in the U.S., is a family owned company with over 54 years of experience in the design, production, sale and service of aerial devices, digger derricks, cranes and other equipment. Committed to customer satisfaction, DUECO serves a variety of markets, including the electric and gas utility, telecommunications, contractor, government and tree care markets. DUECO has been a leader in innovative, green technology solutions for fleets. DUECO employs more than 300 people and operates out of 15 states. Visit DUECO on the Web at http://www.dueco.com.

About UELC

Utility Equipment Leasing Corporation (UELC) has been renting and leasing utility equipment nationwide and internationally for more than 40 years. UELC has established numerous plug-in hybrid rental programs with major utilities across the country. For more information, please visit UELC on the Web at http://www.uelc.com.

About Odyne Corporation

Odyne Corporation, a clean technology company incorporated in New York, developed and manufactured propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically for medium and heavy duty trucks and buses. The company 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 enable vehicles to have lower fuel, operating and maintenance costs with substantially lower emissions.