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Winnipeg, Manitoba, Canada, 2013/07/10 - New Flyer Industries, Inc. announced that Valley Transportation Authority (“VTA”), located in Santa Clara, CA has awarded New Flyer a contract for 50 (100 equivalent units or “EUs”) Xcelsior™ diesel-electric hybrid 60-foot articulated heavy-duty buses. 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 and 14 40-ft CNG buses, for a total of 54 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 smoother acceleration.
“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 (newflyer.com) 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 website at 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 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.