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Winnipeg, Manitoba, Canada, 2014/02/07 - New Flyer Industries, Inc. announced that Des Moines Area Regional Transit Authority (“DART”) located in Iowa, has exercised options for the purchase of 6 40-foot Xcelsior® clean diesel heavy-duty buses - NewFlyer.com. 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 Des Moines Area Regional Transit Authority (“DART”) located in Iowa, has exercised options for the purchase of 6 40-foot Xcelsior® clean diesel heavy-duty buses.
DART will purchase these buses using an umbrella contract with the procurement department of another US State. This umbrella contract is a ‘standing offer’ available to public transit agencies across the United States, and as a result, New Flyer does not reflect it in its backlog until specific orders are received.
As disclosed in New Flyer’s press release of December 6, 2012, DART last exercised options under this contract for six New Flyer Xcelsior® diesel-electric hybrid buses, taking delivery of the buses in February of 2013.
“We feel privileged to once again be selected by DART to build our Xcelsior® model for them,” said Paul Soubry, President and CEO of New Flyer. “Their decision instills the confidence that we are producing a high quality product and providing a strong service and support network to meet their needs.”
The six buses are anticipated to be manufactured in the second quarter of 2014 and all are expected to be delivered by the third quarter of 2014.
About New Flyer
New Flyer (newflyer.com), with its subsidiary NABI Bus, LLC, 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, electric trolley, diesel-electric hybrid and now all-electric buses. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer and its subsidiary 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.
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.