New Flyer Announces its First Bus Sale to a Quebec Customer in Over 40 Years
Winnipeg, Manitoba, Canada, June 21, 2011; New Flyer Industries Inc. (TSX:NFI.UN) (“New Flyer” or the “Company”), the leading manufacturer of heavy-duty transit buses in Canada and the United States, announced today that it has been selected to supply up to 27 heavy duty transit buses for the City of Sorel, Quebec, of which 12 are firm orders and 15 are options. This award marks the first sale of New Flyer low-floor buses to a Quebec-based transit agency since 1970, and is a direct outcome of the appointment of A. Girardin Inc. of Drummondville, Quebec announced on May 3, 2011, to sell and support New Flyer buses in the Province of Quebec.
New Flyer will provide La Régie de la Gare de Sorel the latest generation 40-foot Xcelsior model buses, powered with clean, efficient diesel engines. Girardin will provide local pre-delivery inspection services, field support, and parts support.
“We are absolutely thrilled to have taken this first step toward establishing a New Flyer presence in Quebec, a province in which we have not been able to sell buses for many decades,” said Paul Soubry, New Flyer’s President and CEO. “We are confident that the New Flyer buses will be well-received and will set a new standard for transit systems and private operators in the region. The combination of New Flyer buses and local Girardin service and support now provides an option for Quebec-based operators. We also believe that the selection of Xcelsior by the Transit Authority in Sorel validates the benefits of this high-quality bus with its light weight design and enhanced styling and maintenance features as well as a reduced operating cost profile so critical to today’s transit operators.”
Dave Girardin, President and CEO of A. Girardin Inc. added, “The contract for Sorel will help us blaze new frontiers into the heavy-duty segment of this market, just as we had anticipated when we established our alliance with New Flyer less than two months ago. Together, we can bring enhanced value to the Quebec transit operators.”
The first buses in this order are scheduled for delivery to Sorel in the fourth quarter of 2011.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company’s three manufacturing facilities — in Winnipeg, MB; St. Cloud, MN; and Crookston, MN – are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and three parts distribution centers (PDC) in Winnipeg, MB; Erlanger, KY; and Fresno, CA. A fourth PDC is expected to open in
Ontario in 2011.
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. The Company’s income deposit securities are traded on the Toronto Stock Exchange under the symbol NFI.UN. Further information is available on New Flyer’s web site at www.www.newflyer.com.
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 economic conditions of and funding availability for transit agencies to purchase buses, parts and services, customers may not issue purchase orders for all or any of the buses available under open purchase contracts such as the one discussed in this press release 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