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Winnipeg, Manitoba, Canada, 2012/11/19 - New Flyer Industries, Inc. announced that METRO Regional Transit Authority of Summit County (“METRO RTA”), based in Akron, OH, has approved the purchase of a firm order for six (12 equivalent units or “EUs”) Xcelsior (TSX: NFI; TSX: NFI.DB.U). 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 METRO Regional Transit Authority of Summit County (“METRO RTA”), based in Akron, OH, has approved the purchase of a firm order for six (12 equivalent units or “EUs”) Xcelsior compressed natural gas (CNG) 60-foot heavy-duty buses.
New Flyer has built for Akron since 1998, with 60 prior deliveries in either 35’ or 40’ lengths. Building on that history, this procurement will be the first 60’ buses New Flyer has ever built for them. Additionally, the last build for Akron was in 2004 and was for New Flyer’s low-floor (LF) model, this newly-awarded contract is for New Flyer’s Xcelsior model. The Xcelsior’s exceptional styling, ‘best in class’ model, offers improved accessibility, lighter weight delivering improved fuel economy, noise reduction and passenger experience, all of which is supported by New Flyer’s warranty, service and lifetime customer care. The 6 (12 EUs) CNG buses will contribute to METRO RTA’s current active fleet of approximately 124 buses. These buses will alleviate some of the congestion found on routes that are currently being serviced by 40-foot buses, thus offering greater accessibility and an enhanced passenger’s experience.
“New Flyer brings two decades of expertise to the design and manufacture of CNG buses,” said Paul Soubry, New Flyer’s President and Chief Executive Officer. “We have delivered over 4,800 CNG buses to North America since 1994, and we’re proud to say that we have more experience than any other manufacturer in the industry.”
The buses are expected to begin production in March of 2013 with delivery anticipated for the second quarter of 2013.
About New Flyer
New Flyer (newflyer.com) 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, Ontario.
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.
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 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.