WINNIPEG, Nov. 9, 2012 /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 Canada and the United States, announced today that Grand River Transit from the Region of Waterloo located in South-Western Ontario ("GRT") has awarded New Flyer a five-year contract for up to123 40-foot Xcelsior clean diesel powered buses. The contract consists of a firm order of 18 buses and options for an additional 105 buses over the term of the contract.
New Flyer has built buses for GRT dating back to 1992, with its industry standard setting low-floor (LF) transit bus. This contract is for New Flyer's 'best in class' next generation Xcelsior transit bus.
"New Flyer is proud to once again be building buses for GRT, and is committed to continuing our strong and cooperative relationship," said Paul Soubry, New Flyer's President and Chief Executive Officer. "Our commitment to GRT is to provide world class support for GRT's transit operation and best value for the citizens of Waterloo Region. We stand proudly behind our lifetime customer care program, the most comprehensive warranty, service, training, and spare parts support in the industry."
The initial order for 18 40-foot Xcelsior buses will begin production in the first quarter of next year and is expected to be delivered in the second quarter of 2013.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company's three manufacturing facilities - in Winnipeg, MB; St. Cloud, MN and Crookston, MN - are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four parts distribution centers in Winnipeg, MB; Brampton, ON; Erlanger, KY and Fresno, CA. The Company also operates a service center in Arnprior, ON.
With a skilled workforce of over 2,000 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 diesel-electric hybrid vehicles. New Flyer has delivered over 32,000 heavy-duty buses in Canada and the United States. All products are supported with an industry-leading, comprehensive parts and service network. Further information is available on New Flyer's web site at www.newflyer.com.
The common shares and convertible unsecured subordinated debentures of New Flyer 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.
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