WINNIPEG, May 21, 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 York Region Transit, has exercised options to purchase an additional 34 clean diesel Xcelsior® 40-foot heavy-duty buses.
York Region Transit will purchase these buses using an umbrella contract with the procurement department of the province of Ontario, Canada. This umbrella bus contract held by New Flyer is a 'standing offer' available to public transit agencies across the province, and as a result, New Flyer does not reflect any quantities in its backlog until specific orders are received from a customer.
Since 1989 New Flyer has delivered 225 low floor buses for York Region Transit. With a fleet of approximately 335 heavy duty transit vehicles today, York Region Transit serves an annual ridership of more than 22 million passengers. These additional clean diesel buses will replace buses already in service that have reached the end of their useful economic life.
"New Flyer is proud of the opportunity to provide buses to York Regional Transit for over the past quarter century," said Paul Soubry, New Flyer President and Chief Executive Officer. "They are a very progressive transit operator and since 1989, have progressed with New Flyer as we evolve our product offering from the high floor to low floor bus models, and now with our innovative market-leading Xcelsior."
The 34 Xcelsior® buses are anticipated to be manufactured in the second quarter of 2014 and delivered by the end of the third quarter of 2014.
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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