WINNIPEG, Feb. 7, 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 Los Angeles County Metropolitan Transportation Authority ("Metro") has awarded New Flyer a contract for up to 900 Xcelsior™ 40-foot heavy-duty compressed natural gas ("CNG") buses.
The five-year contract contains a firm order for 550 buses and options for up to an additional 350 buses. Between 1998 and 2001, New Flyer manufactured 466 CNG buses for Metro. This build will be the first time New Flyer has built for Metro in over ten years and the first time the New Flyer Xcelsior™ model will be introduced into Metro's active transit fleet of over 2,200 buses.
Some of the exciting features Metro has chosen to include in this build are: all-electric HVAC, electric doors, electric cooling, New Flyer Connect™ telematics system and a Parker-Vansco instrumentation panel cluster equipped with touch-screen technology. These features will allow Metro to realize operating range and efficiency gains in line with their corporate mission of sustainability and emission reduction.
"We are thrilled to be awarded the Metro contract," said Paul Soubry, President and CEO of New Flyer. "With our last Metro build more than 10 years ago, we're excited to have this opportunity to once again build, deliver our best-in-class Xcelsior™, and provide service and support for the life of Metro's buses."
On January 8, 2013 Metro issued the Company a notice of intent to award this contract but advised that Metro Safety Committee and Board of Directors approvals had to be achieved before a contact could be issued.
The 550 Xcelsior™ 40-foot buses are anticipated to begin production in the fourth quarter of 2013 and will be completely manufactured and assembled at New Flyer of America's St. Cloud, Minnesota manufacturing facility. All 550 buses part of the expected to be delivered by the latter half of the first quarter of 2015.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company's three manufacturing facilities - in St. Cloud, MN; Crookston, MN; and Winnipeg, MB - are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four parts distribution centers in Erlanger, KY; Fresno, CA; Winnipeg, MB and Brampton, ON. The Company also operates a service center in Arnprior, ON.
With a skilled workforce of over 2,200 employees, New Flyer is a technology leader, offering the broadest product line in the industry, including drive systems powered by clean diesel, LNG, CNG and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. New Flyer has delivered over 32,000 heavy-duty buses in the United States and Canada. All products are supported with an industry-leading, comprehensive parts and service network. Further information is available on New Flyer's web site at www.newflyer.com.
The common shares and convertible unsecured subordinated debentures of New Flyer 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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