WINNIPEG, March 10, 2015 /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 Capital District Transportation Authority ("CDTA") awarded New Flyer a contract for up to 20 (40 equivalent units or "EUs") heavy-duty, 60-foot Xcelsior® clean diesel (XD) or diesel hybrid (XDE) buses.
The contract for XD60/XDE60 buses contains a firm order for two diesel buses (4 EUs) with options for an additional 18 buses (36 EUs) and is valued at $2.4 million.
CDTA is a public benefit corporation created by New York State, overseeing a number of multi-modal parts of public transportation in the Capital District of New York State (Albany, Schenectady, Rensselaer and Saratoga counties). CDTA expects ridership to surpass last year's record of 16.5 million boarding passengers, and this will be the fifth consecutive year where ridership has exceeded the prior year. Expansion of the fleet with New Flyer XD60 buses will support the service excellence that riders have come to expect from CDTA.
"We are pleased to be a part of the growing service network that CDTA is providing its ridership and feel privileged to work with Albany for the first time," said Paul Soubry, New Flyer's President and Chief Executive Officer. "New Flyer is committed to providing the best bus value and support for the life of every bus we build and using our "best in class" Xcelsior platform will ensure this commitment is met."
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