June 1, 2012
New Flyer Unveils First All-Electric Transit Bus Prototype
Winnipeg, Manitoba, Canada, June 1, 2012: (TSX:NFI, TSX:NFI.UN) New Flyer Industries Inc. (New Flyer), the leading manufacturer of heavy-duty transit buses in Canada and the United States, announced today the unveiling of its prototype all-electric 40-foot Xcelsior heavy-duty transit bus.
The unveiling was hosted by Manitoba Premier Greg Selinger and representatives from the partnership including: the Manitoba Government, Mitsubishi Heavy Industries (MHI), New Flyers subsidiary, New Flyer Industries Canada ULC, Manitoba Hydro and Red River College.
The prototype is based on New Flyers successful 40-foot Xcelsior heavy-duty transit bus, North Americas most advanced bus platform available today. The bus is equipped with an electric drive and is modified to carry advanced lithium ion batteries from MHI that are charged from the citys electrical grid instead of by a conventional diesel engine.
New Flyer has been manufacturing buses for over 80 years and this is just another example of where we lead the bus industry in innovation, said New Flyers President and Chief Executive Officer Paul Soubry. From the introduction of low-floor buses, to articulated buses, to the industrys first programmable logic control systems, New Flyer has continually set the pace. Mr. Soubry further explained, We have chosen to launch the electric bus prototype on the same bus platform into which New Flyers diesel, diesel-electric hybrid, compressed natural gas and electric trolley can be incorporated to give customers a variety of propulsion options for their fleet, while still providing them with standardization for operating cost optimization.
Further demonstration and testing of the electric bus will occur during the next two years starting with dry-run operational testing by project personnel and then moving to operation under select route conditions.
The electric bus project is the first major activity undertaken under the Memorandum of Understanding on Renewable Energy Development between Manitoba and Mitsubishi Heavy Industries, signed in 2010. The agreement created the structure for a series of potential collaborative projects between Manitoba and MHI in eight areas: electrification of transportation and recharging infrastructure projects; battery-storage technologies; heat-pump technologies; advanced biofuels technologies; wind-energy technologies; energy-efficiency technologies and systems; solar technologies and silicon processing; and integrated energy production, storage and utilization demonstrations.
Chris Stoddart, New Flyers Vice President, Engineering Services commented, We are thrilled to be part of this exciting partnership lead by the Province of Manitoba. The electric bus is a great example of superlative collaboration of government, educational institutions and industry for a common goal. The future is definitely green.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. New Flyers three manufacturing facilities in Winnipeg, MB; St. Cloud, MN; and Crookston, MN are all ISO 9001, ISO 14001 and OHSAS 18001 certified. New Flyer currently operates a parts fabrication facility in Elkhart, IN and four PDCs in Winnipeg, MB; Erlanger, KY; Fresno, CA and Brampton, 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. All products are supported with an industry-leading, comprehensive parts and service network.
New Flyer has delivered over 31,000 heavy-duty buses in Canada and the United States.
Further information is available on New Flyers web site at www.newflyer.com.
The common shares and income deposit securities of New Flyer are traded on the Toronto Stock Exchange under the symbols NFI and NFI.UN, respectively.
This press release may contain forward-looking statements relating to expected future events and financial and operating results of New Flyer and New Flyer Industries Canada ULC (NFI ULC) 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, there is no production version of the prototype and the prototype must be tested, marketed and sold to customers, there may be no demand for an all-electric bus from customers, the economic conditions of and funding availability for customers to purchase buses and to purchase parts or services and the other risks and uncertainties discussed in the materials filed with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com. Due to the potential impact of these factors, New Flyer 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.
Chief Financial Officer