New Flyer announces recent bus orders for 1,180 buses valued at over US $624 million

    WINNIPEG, Oct. 22 /CNW/ - (TSX:NFI.UN) New Flyer Industries Inc. ("New
Flyer" or the "Company"), the leading manufacturer of heavy-duty transit
vehicles in Canada and the United States, announced today that it has received
new orders for up to 1,180 buses for a combined value of over US $624 million.
Of these new orders, 794 buses are firm orders and 386 are options. These
orders are for a variety of vehicle configurations, including 35-, 40- and
60-foot buses and diesel, hybrid-electric, natural gas and fuel cell
propulsion systems.
    The largest of these orders is from Southeastern Pennsylvania
Transportation Authority ("SEPTA"). New Flyer has been advised that SEPTA's
board of directors has approved an order to New Flyer for 400 40-foot hybrid
buses with options for up to an additional 80 buses. Including this recent
award, SEPTA has ordered over 1100 buses from New Flyer since 2000, including
clean diesel, hybrid-electric and electric trolley buses.
    Additionally, New Flyer was recently awarded an order by BC Transit in
Victoria, BC to build North America's first commercial fleet of hydrogen fuel
cell buses. New Flyer, in conjunction with Ballard Power Systems and ISE
Corporation, will manufacture and deliver 20 40-foot hydrogen fuel cell buses
for delivery by the end of 2009. The new fleet will initially be based in
Whistler, BC and will be an integral part of the public transportation
infrastructure during the 2010 Winter Olympics.
    Other bus orders recently awarded to New Flyer include:

    -   Community Transit in Everett, WA has ordered 15 60-foot hybrid BRT
        vehicles with options for an additional 34 buses
    -   OC Transpo in Ottawa, ON has ordered 47 clean diesel 60-foot buses
        with options for an additional 77 buses
    -   Mississauga Transit in Mississauga, ON has ordered 35 60-foot diesel
    -   Valley Metro of Phoenix, AZ has ordered 52 40-foot compressed natural
        gas (CNG) buses
    -   Calgary Transit in Calgary, AB has ordered 50 40-foot and 15 60-foot
        clean diesel buses
    -   Winnipeg Transit in Winnipeg, MB has ordered 20 60-foot hybrid buses
        and 33 40-foot diesel buses
    -   Other new contracts and exercised options total 302 buses

    The level of activity in 2007 has resulted in a significantly improved
backlog position for the year. The total number of orders reported by New
Flyer in 2007 is 3,886 buses with a value of over US $1.9 billion.
    New Flyer's backlog as of the end of September 2007 was 6,641 equivalent
production units, which represents an increase of 25% in comparison to the
5,313 equivalent production units in backlog at the start of the year. The
value of the order backlog as of the end of September 2007 of US $2.5 billion
has increased by 37% compared to the US $1.8 billion backlog at the start of
the year. The portion of firm orders included in the backlog has increased to
US $1.1 billion as of the end of September 2007 from US $0.8 billion at the
start of the year.

    NOTE: All dollar amounts are stated in US currency based on an exchange
rate of US $1.00 = Cdn $0.9848 to calculate the value of the Canadian
contracts in this release.

    About New Flyer
    New Flyer is the leading manufacturer of heavy-duty transit buses in the
United States and Canada. The Company's three facilities - in Winnipeg, MB,
St. Cloud, MN and Crookston, MN - are all ISO 9001, ISO 14001 and OHSAS 18001
certified. With a skilled workforce of approximately 2,100 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 gasoline-electric and
diesel-electric hybrid vehicles. All products are supported with an
industry-leading, comprehensive parts and service network. New Flyer's Income
Deposit Securities are traded on the Toronto Stock Exchange under the symbol
NFI.UN. Further information is available on Company's web site at

    Forward-Looking Statements
    This press release may contain forward-looking statements relating to
expected future events and financial and operating results of New Flyer and
New Flyer Industries Canada ULC ("NFI ULC") 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 the other risks and uncertainties discussed in
the materials filed with the Canadian securities regulatory authorities and
available on SEDAR at Due to the potential impact of these
factors, New Flyer and NFI ULC disclaim 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.

For further information:

For further information: New Flyer Industries Inc., Glenn Asham, Chief
Financial Officer, Tel: (204) 224-1251

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