WINNIPEG, April 9, 2015 /CNW/ - (TSX: NFI) (TSX: NFI.DB.U) New Flyer of America Inc., a subsidiary of 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 Metro Transit ("Metro") a division of the Metropolitan Council, in Minneapolis, Minnesota and MTS in Maple Grove, Minnesota have exercised options off of their current contract for twenty Xcelsior® clean diesel heavy-duty 60-foot buses (40 equivalent units or "EUs").
Sixteen of the option XD60 buses (32 EUs) were exercised by Metro Transit and four option XD60 buses (8EUs) were exercised by Maple Grove, a named agency within the Metropolitan Council contract.
The current five-year contract allows Metro to purchase up to 171 diesel and/or diesel-hybrid 60-foot Xcelsior heavy-duty transit buses (342 EUs). These exercised options reduce New Flyer's backlog on this contract to 151 buses (302 EUs).
"Adding these buses to our fleet keeps us on pace for the future, serving our communities with vehicles that are in keeping with our commitment of providing transportation choices that link, people, jobs and our growing community", said Jan Homan, Deputy Chief of Operations, Metro Transit.
"We are excited to build these buses for Metro Transit – made by Minnesotans for Minnesotans," said Paul Soubry, New Flyer's President and Chief Executive Officer. "This will be our first 60-foot Xcelsior buses for Metro."
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in North America. 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