New Flyer Receives 1,253 Bus Orders Valued at Over US $603 Million

March 18, 2008

New Flyer Industries Inc.(TSX:NFI.UN) (“New Flyer” or the “Company”), the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, announced today that it has received orders over the last three months for up to 1,253 buses (1,549 equivalent production units or “EUs”) for a combined value of over US $603 million.  Of these orders, 874 buses (918 EUs) are new orders and 379 (631 EUs) are exercised options.  These orders are for a variety of vehicle configurations, including 35-, 40- and 60-foot buses and diesel, hybrid-electric, and compressed natural gas (CNG) propulsion systems. 

The largest of these recent new orders was awarded by Metropolitan Transit System  in San Diego, CA totaling $151 million, which included 50 40-foot CNG buses with options for an additional 300 buses as well as an order for 12 35-foot gasoline-electric hybrid buses with options for an additional eight buses.

Southwest Ohio Regional Transit Authority (SORTA) in Cincinnati, OH awarded New Flyer an order totaling $101 million for 24 40-foot clean diesel buses with options for an additional 270 buses. The award also included an order for six diesel hybrid buses. This contract represents the first order New Flyer has received from SORTA.

Other bus orders recently awarded to New Flyer include:

New Flyer’s backlog as of the end of February 2008 was 7,478 EUs, which represents an increase of 41% in comparison to the 5,313 EUs in backlog at January 1, 2007.  The value of the order backlog as of the end of February 2008 of US $3.05 billion has increased by 69% compared to the US $1.8 billion backlog at the start of 2007.  The portion of firm orders included in the backlog has increased to US $1.39 billion as of the end of February 2008 from US $0.8 billion at January 1, 2007.

NOTE:  All dollar amounts are stated in US currency based on an exchange rate of US $1.00 = Cdn $0.98 to calculate the value of the Canadian contracts in this release.

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 2,200 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.  

Forward-Looking Statements

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 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.
Glenn Asham
Chief Financial Officer
Tel: 204-224-1251

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