ST. CLOUD, MN, April 11, 2018 /CNW/ - (TSX: NFI) New Flyer of America Inc. ("New Flyer"), a subsidiary of NFI Group Inc. ("NFI"), the leading bus manufacturer in North America, today announced that the Valley Metro Regional Public Transportation Authority ("RPTA" or "Valley Metro") has exercised options for 24 additional Xcelsior® forty-foot, compressed natural gas (CNG) heavy-duty transit buses.
The order will replace older buses currently operating on regional routes in support of Valley Metro's 2016-2020 strategic plan to advance the value of transit throughout the metropolitan Phoenix area. The original contract awarded November 2017 (a joint effort with the City of Phoenix Public Transit) included up to 396 buses over a five-year period, and is supported by funding from both the Federal Transit Administration and local sources. Seventy percent of the Valley Metro fleet are powered by natural gas to support local clean air initiatives.
Valley Metro is the regional public transportation agency that provides coordinated, multimodal transit options to the residents and visitors of greater Phoenix, with 51 million passenger trips on its buses in 2018. Valley Metro, in coordination with its 18 member agencies, plans, constructs and operates the regional bus and light rail systems and alternative transportation programs for riders of all ages, backgrounds, and abilities.
"Since 2006, New Flyer has delivered 314 heavy-duty transit buses to Valley Metro," said Chris Stoddart, President, New Flyer. "We're proud to support Valley Metro's deployment of even more low emission CNG buses into a fleet that is already comprised of 91 percent alternatively fueled vehicles."
New Flyer has been leading innovation in transit for over 85 years. In 2017, it opened the Vehicle Innovation Center, the first and only innovation lab of its kind dedicated to advancing bus and coach technology, and in 2018 became the first bus manufacturer in the world to sign on to the Shared Mobility Principles for Livable Cities. NFI Group is the only provider of full suite bus solutions in North America, offering transit, motor coach, and low-floor cutaway buses.
With over 6,300 team members, operating from 31 facilities across Canada and the United States, NFI is North America's largest bus manufacturer providing a comprehensive suite of mass transportation solutions under brands: New Flyer® (heavy-duty transit buses), ARBOC® (low-floor cutaway and medium-duty buses), MCI® (motor coaches), and NFI Parts™ (parts, support, and service). NFI buses incorporate the widest range of drive systems available including: clean diesel, natural gas, diesel-electric hybrid, and zero-emission electric (trolley, battery, and fuel cell) on proven bus platforms. It also supports infrastructure development through New Flyer Infrastructure Solutions™, a service dedicated to providing safe and reliable charging and mobility solutions. In total, NFI supports over 74,000 buses and coaches currently in service across North America. For the fiscal year ended December 30, 2018, NFI posted revenues of US $2.5 billion. NFI common shares are traded on the Toronto Stock Exchange under the symbol NFI. News and information are available at www.nfigroup.com.
About New Flyer
New Flyer is North America's heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior® and Xcelsior CHARGE™ brands. It also offers infrastructure development through New Flyer Infrastructure Solutions™, a service dedicated to providing safe, sustainable, and reliable charging and mobility solutions. New Flyer actively supports over 41,000 heavy-duty transit buses (New Flyer, NABI, and Orion) currently in service, of which 7,300 are powered by electric motors and battery propulsion and 1,600 are zero-emission. Further information is available at www.newflyer.com.
This press release may contain forward-looking statements relating to expected future events and financial and operating results of NFI Group 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 suspend or 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 NFI Group 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 of America Inc.
For further information: For media inquiries, please contact: Lindy Norris, P: 204.792.8424, [email protected]; For investor inquiries, please contact: Stephen King, P: 204.224.6382, [email protected]