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New York City Transit Awards New Flyer a Contract for Ninety 60-Foot Xcelsior Transit Buses

Winnipeg, Manitoba, Canada - September 24, 2012: (TSX:NFI; 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 New York City Transit
Authority and the MTA Bus Company (together, "NYCT") have today confirmed the award of
a firm contract to New Flyer to build 90 heavy-duty 60-foot Xcelsior clean diesel buses (180
equivalent units or "EUs".

"These 60-foot Xcelsior buses will now begin production immediately and will be completely
manufactured by New Flyer of America Inc., the US operating subsidiary of New Flyer, and
its union partners of the Communications Workers of America (CWA) at the Company's St.
Cloud, Minnesota facility," said Paul Soubry, New Flyer's President and Chief Executive

Mr. Soubry further explained, "We are proud to have been selected by New York, the largest
transit bus operator in America to provide the 60-foot Xcelsior. This award builds on the
successful experience with NYCT as almost 1,300 New Flyer buses have been delivered by
the Company to New York since May 1996. This new contract adds to our long-standing
relationship with NYCT by providing a world-class next generation bus, supported by New
Flyer warranty, service and lifetime customer care."

In the last two years, New Flyer has delivered 385 low-floor 40-foot CNG buses and recently
built 90 40-foot Xcelsior clean diesel buses – both fleets currently operating in New York. In
July 2012, NYCT assigned a contract they held with Daimler Buses North America, Inc. to
New Flyer to build an additional 74 40-foot CNG buses. The Company has already begun
production of those buses and delivery of that order is expected to be completed by the end
of 2012.

This new contract for 180 EUs was part of the group of awards the Company had
announced in its July 16, 2012 press release for 483 new buses (613 EUs) and options for
40 buses (60 EUs) that were pending from a number of customers where approval had been
granted by the customer's board, council, or commission, as appropriate, but purchase
documentation had not yet been received by New Flyer.

On September 17, 2012, the Company issued a press release noting the delay in receiving
the contract and as a result, production of this order was re-scheduled. Production of this
order will now commence consistent with that update.

About New Flyer
New Flyer 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.

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. Further information is available on New Flyer's web site at

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.

Forward-Looking Statements
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 exercise options for buses and to
purchase parts or services, 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 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.

For further information, please contact:
New Flyer Industries Inc.
Glenn Asham, Chief Financial Officer
Tel: 204-224-1251