May 16, 2007
New Flyer of America Inc., a subsidiary of New Flyer Industries Inc. (New Flyer) (TSX:NFI.UN), the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, has been awarded a procurement for up to a total of 715 60-foot articulated buses from King County Metro (KCM) in Seattle, WA. This order includes a firm order for 22 hybrids with options for up to 493 diesel or hybrid buses for KCM and 200 assignable options for a total value of up to US $514 million, which was included in the order backlog reported in New Flyer’s 2007 First Quarter Financial Report.
In 2003, KCM awarded what was then the largest ever order of hybrid buses (213) to New Flyer. The success of that program and those buses helped position New Flyer as the leader in hybrid bus manufacturing in the US and Canada. Should KCM execute all options as hybrids, this order will establish KCM as having one of the largest hybrid bus fleets in the world.
"This is very gratifying for New Flyer; it shows tremendous confidence in our innovative hybrid product line," said John Marinucci, President and CEO of New Flyer. "We are very proud of our relationship with King County Metro and look forward to working with them to build one of the cleanest, most efficient, and most dependable fleets in the world."
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company’s three facilities -- in Winnipeg, MB, St. Cloud, MN and Crookston, MN -- are all ISO 9001, ISO 14001 and OHSAS 18001 certified. With a skilled workforce of approximately 2100 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 gasoline-electric and diesel-electric hybrid vehicles. All products are supported with an industry-leading, comprehensive parts and service network. New Flyer’s Income Deposit Securities are traded on the Toronto Stock Exchange under the symbol NFI.UN. Further information is available on Company’s web site at www.newflyer.com or by calling (204) 224-1251.
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. 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 Annual Information Form filed with the Canadian securities regulatory authorities. 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.