WINNIPEG, March 6, 2014 /CNW/ - (TSX: NFI) (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 today that Calgary Transit has exercised options to
purchase an additional twenty Xcelsior® 60-foot clean diesel heavy-duty transit buses (40 equivalent units or
This order is from the Company's contract with Calgary Transit for 10
60-foot Xcelsior® buses that was awarded in June 2013. All 10 buses have been
delivered. The contact did not have a specified quantity of options,
but allowed Calgary Transit to order additional quantities of the same
bus for up to one year. This order is in addition to the current 150
Xcelsior® 40-foot bus contact that was announced in a New Flyer press release on
September 26, 2013. The contract is proceeding on schedule and to date
the Company has delivered 15 buses from that order.
Calgary Transit operates an active fleet of more than 900 heavy-duty
transit buses of which 668 are New Flyers delivered over the past two
decades, most of which remain in active service today.
"We are pleased to continue our partnership with Calgary Transit and
this order for more 60-foot Xcelsior® buses reflects on Calgary Transit's continued confidence in our buses,"
said Paul Soubry, President and Chief Executive Officer at New Flyer.
"We are committed to providing world class products and industry
leading customer service to support Calgary as they respond to
significant growth and demand from their ridership".
This new contract for 20 Xcelsior® articulated buses are anticipated to begin production in the third
quarter of 2014 and all buses are expected to be delivered by the end
About New Flyer
New Flyer, with its subsidiary NABI Bus, LLC, is the leading
manufacturer of heavy-duty transit buses in the United States and
Canada. The Company is the industry technology leader and offers the
broadest product line including drive systems powered by: clean diesel,
natural gas, electric trolley, diesel-electric hybrid and now
all-electric buses. All buses are supported by an industry-leading
comprehensive warranty and support program, and service network. New
Flyer and its subsidiary NABI Parts, LLC also operate the transit
industry's most sophisticated aftermarket parts organization, sourcing
parts from hundreds of different suppliers and providing support for
all types of heavy-duty transit buses.
The New Flyer group of companies employ over 3,000 team members with
manufacturing, fabrication, parts distribution and service centers in
both Canada and the United States. Further information is available on
New Flyer's web site at www.newflyer.com.
The common shares and convertible unsecured subordinated debentures of
the Company are traded on the Toronto Stock Exchange under the symbols
NFI and NFI.DB.U, respectively.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results of the
Company 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 purchase parts or services, customers may not exercise options
to purchase additional buses, the ability of customers to terminate
contracts for convenience 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, the Company disclaims
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 Inc.
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