WINNIPEG, July 18, 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 today that Washington Metropolitan Area Transit Authority ("WMATA") has awarded NABI Bus, LLC ("NABI"), a subsidiary of New Flyer, a contract for up to 654 (725 equivalent units or "EUs") NABI Bus Rapid Transit ("BRT") styled 42-foot and 60-foot transit buses with propulsion system options including: diesel-electric hybrid and compressed natural gas ("CNG").
The contract contains a firm order for 85 NABI BRT-styled diesel-electric hybrid 42-foot buses and options of up to 498 42-foot NABI BRT-styled diesel-electric hybrid or CNG buses, and up to 71 (142 EUs) 60-foot diesel-electric hybrid buses over a 5 year contract period.
"We are thrilled about our recent acquisition of NABI, and this award reinforces the opportunity we have to provide a broader product and support offering and create better value for our customers," said Paul Soubry, President and CEO of New Flyer. Soubry further explained, "WMATA operates both New Flyer and NABI buses and collectively we have delivered 1,046 buses to WMATA since 1995. We are very impressed with NABI products and personnel, and compliment them on this contract award from WMATA".
Brian Dewsnup, Vice President and GM of NABI commented, "Following its introduction in 2005, the NABI BRT-styled buses have become the industry leading model in its class". Dewsnup explained, "With an aerodynamic front mask and sleek appearance from every angle, the NABI BRT commands the attention of onlookers and eager passengers and will be a great addition to the transit system in our nation's capital".
The firm order for 85 BRT buses are anticipated to begin production in the first quarter of 2014 and are expected to be delivered by June 2014. All buses will be manufactured in NABI's Anniston, AL facility.
About New Flyer
New Flyer with its recently acquired NABI 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 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 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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