WINNIPEG, June 30, 2015 /CNW/ - (TSX: NFI) (TSX: NFI.DB.U) New Flyer of America Inc., a subsidiary of 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 King County Metro of Seattle, Washington has exercised options for an additional 138 (235 equivalent units or "EUs") heavy-duty transit buses in a variety of configurations including; 40 and 60-foot Xcelsior diesel, diesel-electric hybrid buses and electric-trolleys.
These options, valued at approximately $130 million, are for 24 XT40 and nine XT60 (18 EUs) electric-trolley buses and 20 XD60 (40 EUs) diesel and 85 XDE60 (170 EUs) diesel-electric Xcelsior buses.
King County Metro operates 214 bus routes and carries an estimated 115 million riders annually covering a service area of more than 2,000 square miles. King County has the fourth largest transit bus fleet in the United States with over 1,500 buses. These new buses will replace older models that have reached the end of their useful life.
"We're privileged to continue our long standing partnership with King County Metro," said Paul Soubry, New Flyer's President and Chief Executive Officer. "New Flyer has been building buses for King County Metro since 1999 and has delivered nearly 1,000 buses in a variety of lengths and propulsion systems. This is a world class operator with a diverse fleet of environmentally responsible fleet transit buses".
NOTE: All dollar amounts are stated in U.S. currency
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. Over 32,000 New Flyer and NABI heavy-duty transit buses are in operation today. Further information is available on New Flyer's website at http://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, Tel: 204-224-6672