WINNIPEG, May 21, 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 Community Transit in Everett, Washington exercised options for 29 heavy-duty 40-foot and 60-foot Xcelsior® clean diesel buses (39 equivalent units or "EUs").
The 29 buses have been exercised from an existing contract with Community Transit and will consist of 19 XD40 Xcelsior and 10 XD60 buses and is valued at approximately $15 million dollars.
Community Transit serves approximately 10 million people annually in the Everett area, through 25 local and 19 commuter routes, covering over 1,300 square miles. The agency plans to implement 67,000 hours of new bus service over the next six years, 27,000 of which will be added in June 2015. The options being exercised will be in direct support of these new routes and service areas.
"We greatly appreciate the confidence Community Transit continues to have in New Flyer products and are excited to deliver our Xcelsior models to them," said Paul Soubry, New Flyer's President and Chief Executive Officer. "The Xcelsior delivers improved life cycle savings and a more comfortable transit experience for both the passengers and drivers."
NOTE: All funds are in U.S. Dollars.
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