WINNIPEG, Jan. 9, 2015 /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 Orange County Transportation Authority ("OCTA") awarded New Flyer a contract in December 2014, for up to 212 compressed natural gas (CNG) 40-foot heavy-duty Xcelsior® buses.
The contract is a firm order for 202 XN40 Xcelsior 40-foot buses and options for up to an additional 10 buses that may be executed over the three-year contract period.
OCTA's current active transit bus fleet consists of approximately 525 buses of which 521 have been built by New Flyer since 2006 and powered by natural gas.
This recent award of Xcelsior CNG buses will replace 192 liquefied natural gas-powered buses and 10 diesel buses that have reached the end of their useful life.
"New Flyer is the market leader in offering a wide variety of clean propulsion systems powering transit buses in the U.S. and Canada, of which nearly 5,000 CNG buses currently in service," said Paul Soubry, President and CEO of New Flyer. "We are committed to continue our support and the partnership with OCTA by providing a world class product and best value and support for the life of their New Flyer buses."
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. 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 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