WINNIPEG, July 18, 2012 /CNW/ - (TSX:NFI, TSX:NFI.UN, TSX:NFI.DB.U) New
Flyer Industries Inc. ("New Flyer" or the "Company"), the leading
manufacturer of heavy-duty transit buses in Canada and the United
States, announced an order for up to 87 buses or 137 equivalent
production units (EUs). The initial order of 25 60-foot articulated
buses and 17 40-foot buses (67 EUs) for Vancouver's South Coast British
Columbia Transportation ("TransLink") supports the growth in local
ridership and delivers on TransLink's customer enhancement strategies.
The total purchase price of the initial order is approximately C$28
TransLink selected the New Flyer Xcelsior XD40 40-foot bus which
provides improved comfort for up to 74 passengers (to be operated by
West Vancouver Transit) for delivery expected in the fourth quarter of
2012. TransLink chose New Flyer's Xcelsior XDE60 60-foot articulated
bus that can carry up to 104 passengers for Richmond Transit (to be
operated by Cost Mountain Bus Company) with delivery expected in the
first half of 2013.
"TransLink has done an outstanding job of promoting and growing transit
services for the residents of Metro Vancouver," said Paul Soubry, New
Flyer's President and Chief Executive Officer. "TransLink and New
Flyer have a long working relationship, with over 70 percent of
TransLink's fleet consisting of New Flyer buses. This is our first
order from Vancouver since 2008, and we are extremely proud to once
again be selected to support TransLink."
The addition of the New Flyer Xcelsior diesel-electric hybrid buses is
ideal for high-capacity, high-frequency routes and assists with
reducing road congestion. The Xcelsior series buses are backed by New
Flyer's in-service support and lifetime care program, providing best
value in direct operating costs for TransLink.
The buses have more forward-facing seats, bright interior LED lighting
and low interior noise levels. The light-weight design results in
exceptional fuel economy and reduced emissions, particularly when
combined with the diesel-electric hybrid propulsion system. The buses
are supported by locally based service representatives providing
technical expertise and a comprehensive new product warranty program,
administered through the New Flyer iWarranty System.
The Company also advises the statement in the Company's July 16, 2012
press release that options for 282 EUs had expired in the second
quarter of 2012 ("Q2 2012") was incorrect. The correct number of
options that expired in Q2 2012 were 114 EUs.
NOTE: All dollar amounts are stated in Canadian currency.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in
Canada and the United States. The Company's three manufacturing
facilities - in Winnipeg, MB; St. Cloud, MN; and Crookston, MN - are
all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company
currently operates a parts fabrication facility in Elkhart, IN and four
PDCs in Winnipeg, MB; Erlanger, KY; Fresno, CA and Brampton, ON.
With a skilled workforce of over 2,000 employees, New Flyer is a
technology leader, offering the broadest product line in the industry,
including drive systems powered by clean diesel, LNG, CNG and electric
trolley as well as energy-efficient diesel-electric hybrid vehicles.
New Flyer has delivered over 31,000 heavy-duty buses in Canada and the
United States. All products are supported with an industry-leading,
comprehensive parts and service network.
Further information is available on New Flyer's web site at www.newflyer.com.
The common shares, income deposit securities and convertible unsecured
subordinated debentures of New Flyer are traded on the Toronto Stock
Exchange under the symbols NFI, NFI.UN and NFI.DB.U, respectively.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results of New Flyer
and New Flyer Industries Canada ULC ("NFI ULC") that involve risks and
uncertainties. Although the forward-looking statements contained in
this press release are based upon what management believes to be
reasonable assumptions, investors cannot be assured that actual results
will be consistent with these forward-looking statements, and the
differences may be material. Actual results may differ materially from
management expectations as projected in such forward-looking statements
for a variety of reasons, including market and general economic
conditions and economic conditions of and funding availability for
customers to purchase buses and to exercise options for buses and to
purchase parts or services and the other risks and uncertainties
discussed in the materials filed with the Canadian securities
regulatory authorities and available on SEDAR at www.sedar.com. Due to the potential impact of these factors, New Flyer and NFI ULC
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
SOURCE NEW FLYER INDUSTRIES CANADA ULC
For further information:
New Flyer Industries Inc.
Glenn Asham, Chief Financial Officer