WINNIPEG, July 14, 2014 /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 Long Beach Transit has awarded New Flyer a contract for 13 (26 equivalent units or "EUs") 60-foot heavy-duty Xcelsior® articulated compressed natural gas ("CNG") buses.
New Flyer has manufactured 250 buses for Long Beach Transit over the past 20 years in a variety of propulsions, bus lengths and platforms. These additional 13 articulated buses will be used to replace New Flyer 60' diesel buses manufactured in 2002, which have reached the end of their useful life. The new articulated buses will be powered by CNG, keeping with Long Beach Transit's Alternative Fuel Policy.
"We're excited for the opportunity to build our proven Xcelsior model for Long Beach Transit," said Paul Soubry, New Flyer President and Chief Executive Officer. "Not only is this the first time we will build our Xcelsior model for them, it will be the first time we have ever built them CNG buses, we are honored for this opportunity."
The 13 articulated buses will be manufactured starting with a lead bus in the fourth quarter of 2014 with all buses being delivered in the second quarter of 2015. This order is included in the Q2 2014 order activity.
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. 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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