WINNIPEG, March 13, 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 Transportation Commission of Southern Nevada ("RTC") has awarded New Flyer a contract for up to 305 (425 equivalent units or "EUs") heavy-duty 40-foot and 60-foot Xcelsior® compressed natural gas ("CNG") buses.
The contract includes a firm order for 35 XN40 and 20 XN60 (75 EUs) Xcelsior buses, with an option for another 150 XN40 and 100 XN60 (350EUs) over the next 5 years. All buses are to be powered by CNG.
RTC is both the transit authority and the transportation-planning agency for Southern Nevada and specifically Las Vegas. Its mandate includes identification of transportation challenges and implementation of short and long-term resolutions while simultaneously promoting sustainability, air quality improvement, enhanced mobility and increased quality of life in the region.
Since 1991, New Flyer has delivered 332 buses to RTC, whose current transit fleet consists of approximately 650 buses.
"We are fortunate to have repeat business from prominent customers like RTC" said Paul Soubry, New Flyer's President and Chief Executive Officer. "RTC is one of the leading transit agencies in the United States who is committed to quality and styling, performance and reliability, and to minimizing the environmental footprint. New Flyer is thrilled to have our buses in service in such a high profile community"
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