New Flyer Industries Inc. and New Flyer Industries Canada ULC announce April cash distribution

    WINNIPEG, April 11 /CNW/ - (TSX:NFI.UN) New Flyer Industries Inc. ("NFI")
and New Flyer Industries Canada ULC ("NFI ULC") (together, the "Issuer") today
announced that the twentieth consecutive monthly cash distribution on the
income deposit security ("IDS") of the Issuer will be payable on May 15, 2007
to holders of record of IDSs at the close of business on April 30, 2007.
    As previously announced in the Issuer's press release of March 27, 2007,
the board of directors has approved an increase in the annual rate of
distributions in the amount of C$0.03 per IDS. This increase translates into a
monthly cash distribution of C$0.09417 per IDS. This is the first distribution
increase since NFI completed its initial public offering of IDS on August 19,
    Each IDS consists of one common share of NFI (a "Common Share") and
C$5.53 principal amount of 14% subordinated notes of NFI ULC (the
"Subordinated Notes"), an indirect subsidiary of NFI. The IDSs trade on the
Toronto Stock Exchange under the symbol NFI.UN. The total distribution of
C$0.09417 per IDS reflects a cash dividend of C$0.02965 per Common Share and
an interest payment of C$0.06452 per C$5.53 principal amount of Subordinated
Notes for the period from April 1, 2007 to April 30, 2007.
    All dividends paid by NFI to Canadian residents on the Common Shares
after December 31, 2005 are designated as "eligible dividends" for purposes of
the enhanced dividend tax credit rules contained in the Income Tax Act
(Canada) and any corresponding provincial and territorial tax legislation. In
addition, unless stated otherwise, all dividends paid by NFI hereafter on the
Common Shares are designated as "eligible dividends" for the purpose of such

    New Flyer is the leading manufacturer of heavy-duty transit buses in the
United States and Canada and a leading provider of aftermarket services. New
Flyer has the broadest range of products in the heavy-duty transit bus
industry and provides its products and services to the majority of the largest
transit authorities in North America.

    Forward-Looking Statements
    This press release may contain forward-looking statements relating to
expected future events and financial and operating results of NFI and NFI ULC
that involve risks and uncertainties. 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 risks and uncertainties detailed in the prospectus filed with the Canadian
securities regulatory authorities. Due to the potential impact of these
factors, NFI 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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