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 the Nashville Metropolitan Transit Authority (“Nashville MTA”) has awarded New Flyer a contract for 70 (140 equivalent units or “EUs”) Xcelsior diesel-electric hybrid 60-foot articulated heavy-duty buses.
The 3 year contract, with 2 years of renewable options, contains a firm order for 10 buses (20 EUs) with options for an additional 60 buses (120 EUs). Nashville MTA is a new customer for New Flyer and has an active fleet of approximately 150 heavy-duty transit buses.
“New Flyer is proud to have been selected by Nashville MTA, for the first time, to provide our environmentally friendly hybrid bus. This selection of the Xcelsior bus reflects its heritage, quality, styling and maintainability critical to their operating environment and their customer requirements,” said Paul Soubry, New Flyer’s President and Chief Executive Officer. “We are committed to a strong and lasting relationship through New Flyer warranty, service, training, spare parts support and our lifetime customer care program.”
“We are pleased to enter into this agreement with New Flyer,” said Paul J. Ballard, Chief Executive Officer, Nashville MTA. “These new buses are an important investment that will help us increase services and enhance our customers’ transit experience. This purchase also demonstrates our on-going commitment to improving public transit services in the region as well as our air quality. We are on our way to becoming a more green-friendly transit system.”
The 10 buses are anticipated to begin production in the first quarter of 2013 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 May 2013.
About New Flyer
New Flyer (newflyer.com) is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company’s three manufacturing facilities – in St. Cloud, MN; Crookston, MN and Winnipeg, MB – 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 Erlanger, KY; Fresno, CA; Winnipeg, MB and Brampton, ON. The Company also operates a service center in Arnprior, ON.
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 the United States and Canada. 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.