WINNIPEG, June 24, 2013 /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 BC Transit has awarded New Flyer a contract for 50 Xcelsior™ compressed natural gas ("CNG") 40-foot heavy-duty buses.
The contract for 50 Xcelsior™ buses contains a firm order of 25 buses with options for an additional 25 buses that may be exercised at a later date. These buses will be added to BC Transit's approximately 650 heavy duty bus fleet and will operate throughout Nanaimo, BC. Between 1992 and 2009 New Flyer has built and delivered 316 buses to BC Transit.
"Our last project with BC Transit was for Hydrogen Fuel Cell buses in 2009. We're really excited to once again collaborate with BC Transit on bringing another clean fuel bus fleet to British Columbia," said Paul Soubry, President and CEO of New Flyer. "Not only is this the first time we will build our Xcelsior™ model for BC Transit, it's also the first CNG bus we have ever built for them."
"We look forward to partnering again with New Flyer as BC Transit introduces its first-ever CNG fleet," said BC Transit President and CEO Manuel Achadinha. "Sustainability is a core value at BC Transit, and the addition of CNG fuelled buses helps further our green fleet efforts."
"The Regional District of Nanaimo is excited to be receiving the first CNG fleet in BC Transit," said Diane Brennan, Regional District of Nanaimo Transit Select Committee Chair. "CNG New Flyer buses will help play an integral role in achieving our region's environmental and economic goals."
The 25 CNG buses are anticipated to begin production in the fourth quarter of 2013 and all buses are expected to be delivered in the first quarter of 2014.
About New Flyer
New Flyer is a leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company is the industry technology leader and offers the broadest product line including drive systems powered by: clean diesel, natural gas and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer and NABI 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.
Together New Flyer and NABI 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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