VANCOUVER, Oct. 2, 2017 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – October 2, 2017: ("Grande West" or the "Company"), a Canadian bus manufacturer of heavy-duty mid-sized transit buses for sale in Canada and the United States, is pleased to announce a management update on Vicinity bus deliveries during the third quarter ended September 30, 2017 and the earnings release date.
The Company delivered a record number of seventy five (75) Vicinity buses in the third quarter. These record deliveries have resulted in quarterly record revenues of over $25 million and the second consecutive quarter of profitability.
Management is targeting delivery of two hundred (200) Vicinity buses during 2017.
Along with reaching its second record quarter of deliveries, revenue and profitability, management is pleased to announce the opening of operations at the Atlanta-based College Park Facility. All Buy America assembly processes, tooling and trained staff are in place and pre-operational testing has been conducted. As previously noted, Grande West will proceed slowly with initial assembly with a focus on verification and validation of the total assembly process, and ramping production according to plan in early 2018.
Management is attending and presenting at the SmallCapDiscoveries Investment Conference in Vancouver on October 4th, a conference focused only on profitable, growing Canadian microcaps. For more information, please visit www.smallcapdiscoveries.com.
Grande West will be participating in the 2017 APTA Expo on October 9-11 in Atlanta, Georgia. The EXPO is public transit's major showcase of technology, products and services and is held every three years.
As discussed in the second quarter conference call, the Company will be responding to its first bid for an electric-powered Vicinity in October.
William Trainer, President and CEO of Grande West stated, "We are very pleased to have set significant new company records in the third quarter. Beginning Buy America production of the Vicinity is yet another milestone for Grande West and another step towards increasing our US presence. The Grande West team, alongside Alliance Bus Group, is looking forward to participating in the APTA Expo next week and will be showcasing the Vicinity bus as well as the new operational College Park Facility."
Third quarter financial results will be announced before market open on October 31, 2017. A conference call to discuss these results will be held the same day at 8:00 AM PST / 11:00 AM EST. The call-in number is (866) 215-5508 or (514) 841-2157 and can be accessed by entering passcode 45747146. A recording of the call will be available on the website shortly after.
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer which designs, engineers and manufactures mid-size buses for transit authorities and commercial enterprises. Grande West's Best-in-Class rated Vicinity bus is available in 27.5', 30' and 35' models designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40' transit bus, burns less fuel and emits less harmful emissions.
The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses and is receiving follow-on orders in many Canadian transit agencies. Grande West is Buy America compliant, and along with ABG, its exclusive US distributor, has sold Vicinity buses to US–based public and private operators and is actively pursuing more opportunities throughout the US.
For further information please contact:
Grande West Transportation
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Grande West's expectations include uncertainties relating to the receipt of final approval from the TSX-V; and other risk and uncertainties disclosed in Grande West's reports and documents filed with applicable securities regulatory authorities from time to time. Grande West's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Grande West Transportation Group Inc.
For further information: John LaGourgue, Ph: 604-607-4000, [email protected], www.grandewest.com