WINNIPEG, July 10, 2013 /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 that Valley Transportation
Authority ("VTA"), located in Santa Clara, California has awarded New
Flyer a contract for 50 (100 equivalent units or "EUs") Xcelsior™
diesel-electric hybrid 60-foot articulated heavy-duty buses.
The contract for 50 Xcelsior™ buses contains a firm order of 29 buses
(58 EUs) with options for an additional 21 buses (42 EUs). To date, New
Flyer has built and distributed 40 60-ft diesel buses to VTA's fleet of
approximately 450 active buses.
VTA has a strong focus on energy efficiency and environmental
sustainability, which is demonstrated by its investment into
environmentally friendly buses. Hybrid propulsion improves fuel
economy and lowers emissions. Less wear on mechanical components,
decreased fluid breakdown and no transmission overhaul result in
reduced maintenance and operation expenses. VTA's hybrid system will
also improve passenger experience through lower noise levels and
"We are proud to build our Xcelsior model for the first time for VTA,"
said Paul Soubry, President and CEO of New Flyer. "VTA's continued
business helps us confirm that the products and services that we
continue to build and grow are aligned with our customers' needs."
The 29 60-foot buses are anticipated to begin production in the third
quarter of 2014 and will be completely manufactured and assembled at
New Flyer of America's St. Cloud, Minnesota manufacturing facility.
All buses are expected to be delivered by the fourth quarter of 2014.
About New Flyer
New Flyer is a 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 including drive systems
powered by: clean diesel, natural gas and electric trolley as well as
energy-efficient diesel-electric hybrid vehicles. All buses are
supported by an industry-leading comprehensive warranty and support
program, and service network. New Flyer and NABI also operate the
transit industry's most sophisticated aftermarket parts organization,
sourcing parts from hundreds of different suppliers and providing
support for all types of heavy-duty transit buses.
Together New Flyer and NABI employ over 3,000 team members with
manufacturing, fabrication, parts distribution and service centers in
both the United States and Canada. Further information is available on
New Flyer's web site 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.
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