WINNIPEG, March 13, 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 the Metropolitan Atlanta Rapid Transit Authority ("MARTA") has exercised options for 89 additional New Flyer 40-foot Xcelsior® heavy-duty buses powered by compressed natural gas.
These buses will be built using options converted from the contract announced in the Company's June 17, 2013 press release. The contract included 88 firm orders and options for an additional 177 40-foot Xcelsior® buses. Once this second order is complete, 88 options will remain on the contract and will remain recorded in New Flyer total backlog.
"We continue to offer, safe, affordable and reliable transit service to our customers throughout Atlanta and surrounding cities," said MARTA Chief Operations Officer Rich Krisak. "Having transported more than 3.5 billion people in the last 25 years, MARTA is committed to our customers and understands the need for sustainable transportation. We are excited for these additional New Flyer buses and look forward to putting them into active service."
"MARTA's commitment to environmentally friendly natural gas and their aggressive bus fleet renewal efforts proves why they are amongst the leading transit agencies in the United States, providing more than 62 million passenger trips per year," said Paul Soubry, President and CEO of New Flyer. "Since 1990, New Flyer has built and delivered over 1,000 transit buses for MARTA in a number of models, lengths and powered by various propulsion systems. This option conversion for 89 additional buses just seven months after the initial order reflects well on the quality of our product and the strong partnership that we have developed with MARTA."
The 89 buses are anticipated to begin production in the first quarter of 2014. All buses are expected to be delivered in the third quarter of 2014.
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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