WINNIPEG, Aug. 27, 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 the United States and Canada, announced today that Massachusetts Bay Transportation Authority ("MBTA") has exercised options for the purchase of 60 40-foot heavy-duty Xcelsior® buses powered by clean diesel-electric BAE hybrid drives.
Over the last 15 years, New Flyer has built and delivered 352 heavy-duty transit buses for MBTA in 40-foot and 60-foot lengths, and with propulsion systems ranging from diesel to diesel-hybrid and natural gas. These exercised options were assigned from an existing contract with another US State transit agency.
"We're thrilled to continue to build on our relationship with MBTA and the opportunity to provide them with our best-in-class Xcelsior bus for the very first time," said Paul Soubry, New Flyer President and Chief Executive Officer. "MTBA is a first class transit agency in a very challenging and demanding operating environment, and we are confident that the Xcelsior will be an excellent addition to MBTA's fleet."
"BAE Systems is proud to be chosen as the hybrid propulsion supplier for MBTA," said Steve Trichka, vice president and general manager of HybriDrive Solutions for BAE Systems, which has nearly 4,500 HybriDrive propulsion systems powering buses around the world. "MBTA will be receiving Series-E, our latest low emission, efficient, fuel-saving system. With Series-E, passengers experience clean and quiet boarding with new anti-idling technology deployed at bus stops."
The 60 buses will be manufactured starting in the third quarter of 2014 with all buses being delivered in the first quarter of 2015.
About New Flyer
New Flyer 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 of transit buses including drive systems powered by: clean diesel, natural gas, diesel-electric hybrid, electric trolley and now, battery-electric. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer also operates the industry's most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of 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.
For further information: Jon Koffman, Investor Relations, (204) 224-6672