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Winnipeg, Manitoba, Canada − May 25, 2007 − (TSX:NFI.UN) New Flyer Industries Inc. (“NFI”) and New Flyer Industries Canada ULC (“NFI ULC”) (together, the “Company”) are pleased to announce today that the board of directors have approved an increase in the annual rate of distributions by C$0.04 per income deposit security (“IDS”) effective the July 2007 distribution that is payable August 15, 2007. The annual distributions are now expected to be C$1.17 per IDS. This is the Company’s second distribution increase since the Company completed its initial public offering in August, 2005.
This distribution increase was made as a result of the Company’s improved operating performance, its completion of the ramp-up in production and the substantial build-up in the order backlog and firm bus orders.
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada and a leading provider of aftermarket services. New Flyer has the broadest range of products in the heavy-duty transit bus industry and provides its products and services to the majority of the largest transit authorities in North America.
Forward-Looking Statements
This press release may contain forward-looking statements relating to expected future events and financial and operating results of NFI and NFI ULC that involve risks and uncertainties. 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 the risks and uncertainties detailed in the Company’s publicly-filed documents with the Canadian securities regulatory authorities. Due to the potential impact of these factors, NFI and NFI ULC disclaim 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.
For further information, please contact:
New Flyer Industries Inc.
Glenn Asham, Chief Financial Officer
Tel: 204-224-1251
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