WINNIPEG, May 12, 2014 /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 the South Coast British Columbia Transportation Authority ("TransLink"), located in Vancouver, British Columbia has approved a firm order to purchase 45 Xcelsior® compressed natural gas ("CNG") 40-foot heavy-duty buses with options to purchase an additional 135 through two single-year renewable option periods.
Since 1991 New Flyer has delivered over 1,100 buses for TransLink ranging from high floor to low floor models, including our recent best-in-class Xcelsior® model. Translink has taken delivery of buses raging from 40-foot and 60-foot lengths and with numerous propulsion types including: clean diesel, diesel-electric hybrid, natural gas, and electric trolleys.
"The technology associated with CNG buses have proved to be cost effective to operate and on par to maintain and drive when compared to traditional diesel buses," said Doug Kelsey, TransLink's Chief Operating Officer. "We are pleased to continue our partnership with New Flyer as we add more of these vehicles to our fleet."
"We are proud to have the confidence of TransLink and excited for the opportunity to continue to grow our partnership with this upcoming build," said Paul Soubry, New Flyer President and Chief Executive Officer. "2006 was the last time we delivered CNG buses to TransLink and we're looking forward to the opportunity to showcase our proven CNG expertise on our Xcelsior model for the first time for TransLink."
The firm order for 45 buses are anticipated to be manufactured in the third quarter of 2014 and are all expected to be delivered by the first quarter of 2015.
About New Flyer
New Flyer, with its recently acquired NABI Bus, LLC subsidiary, 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 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 its subsidiaries NABI Bus, LLC and NABI Parts, LLC 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.
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. 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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