WINNIPEG, May 28th, 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 the Regional Transportation District ("RTD") of Denver, Colorado exercised options for 18 additional heavy-duty 60-foot Xcelsior clean diesel buses (36 equivalent units or "EUs").
RTD has an active transit bus fleet of 1,032 buses with an average bus fleet age of nine years. The addition of these 18 Xcelsior articulated buses will help RTD serve their 2.8 million service area population encompassed in 40 municipalities, six counties and two city/county jurisdictions.
The options, valued at $12 million, represent Denver RTD's fourth such commitment to purchase transit buses from New Flyer in the last two years and brings the total number of New Flyer buses built for Denver to 110 (220 EUs).
"Adding New Flyer to our bus fleet has helped us embark on another exciting chapter in RTD's long history of providing the best possible vehicles and service to our customers," said Bruce Abel, RTD Assistant General Manager of Bus Operations. "We look forward to continuing a highly productive working relationship with New Flyer that benefits our passengers, bus operators and maintenance teams."
"We're proud to be awarded yet another contract from RTD," said Paul Soubry, New Flyer's President and Chief Executive Officer. "This is a first class transit agency that operates in a very challenging and demanding operating environment, and we are confident that our Xcelsior buses will continue to play a key role in RTD's service excellence."
NOTE: All dollar amounts stated are in US 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