WINNIPEG, Sept. 17, 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 the United States and Canada, announced today that the Metropolitan Transit Authority of Harris County, Houston, TX ("Metro") has awarded NABI Bus, LLC ("NABI"), a subsidiary of New Flyer, a contract for 265 NABI 40-foot transit buses with clean diesel and compressed natural gas ("CNG") propulsion systems.
Metro chose NABI's 40-LFW model, which is a rugged, utilitarian bus with recently restyled front mask and rooftop enclosure based on a proven structure with approximately 4,500 having been manufactured over the past 15 years. The LFW's structure is available using either carbon steel or optional stainless steel materials. Since the LFW was introduced in 1998 approximately 1,600 have been produced using the stainless steel structure which is a popular option for operators in hash or unusually humid operating environments.
Paul Soubry, President and CEO of New Flyer commented, "This Metro award is a great example of opportunity associated with our recent acquisition of NABI. With more than 900 buses delivered to Metro by New Flyer since 1996, these NABI stainless steel buses are a fantastic complement to New Flyer's overall product line." Soubry added, "All 265 buses produced for Metro will utilize the stainless steel structure due to Houston's coastal environment."
The contract consists of a firm order for 265 new 40-foot buses through 2016. Delivery of 40 diesel buses will take place in the summer of 2014; then a mixture of 45 diesel buses and 80 CNG buses will be delivered in 2015; with 100 additional CNG buses to be delivered in 2016.
All buses will be manufactured at NABI's Anniston, AL facility.
About New Flyer
New Flyer, with its recently acquired NABI subsidiary, 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 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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