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

    WINNIPEG, Oct. 21 /CNW/ - (TSX:NFI.UN) New Flyer Industries Inc. ("NFI")
and New Flyer Industries Canada ULC ("NFI ULC") (together, "New Flyer") today
announced that the thirty-eighth consecutive monthly cash distribution on the
income deposit security ("IDS") of New Flyer in the amount of $0.0975 will be
payable on November 17, 2008, to holders of record of IDSs at the close of
business on October 31, 2008. The IDSs trade on the Toronto Stock Exchange
under the symbol NFI.UN.
    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 total distribution
of C$0.0975 per IDS reflects a cash dividend of C$0.03298 per common share and
an interest payment of C$0.06452 per C$5.53 principal amount of subordinated
notes for the period from October 1, 2008 to October 31, 2008.
    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,
the covenants contained in NFI ULC's senior credit facility and subordinated
note indenture and the other risks and uncertainties detailed in the
disclosure documents 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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