Port Authority of Allegheny County Exercises Options to Purchase 40 60-Foot Articulated Buses
Winnipeg, Manitoba, Canada – November 20, 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 today that the Port Authority of Allegheny County (“Port Authority”) in Pittsburgh, PA has approved the purchase of an additional 40 low floor 60-foot diesel heavy-duty articulated buses (80 equivalent units or “EUs”).
This order was placed using options from an existing five year Port Authority contract with New Flyer, signed August 2010. The contract enables the assignment of options of which 49 buses still remain after this procurement and are included in New Flyer’s total backlog.
Port Authority’s fleet consists of approximately 700 buses, including 61 New Flyer low floor diesel articulated buses that were built in 2011. The new 40 bus procurement is anticipated to begin production in the second quarter of 2013 and will be entirely manufactured in New Flyer’s US manufacturing facility in St. Cloud, MN. Delivery of the buses is expected late in the third quarter of 2013.
“New Flyer is dedicated to building a lasting relationship with a commitment to support the Port Authority`s buses over their lifetime. We were very excited to win Port Authority for the first time in 2010 and are thrilled that they have decided to acquire more New Flyer buses,” said Paul Soubry, New Flyer’s President and Chief Executive Officer. “Our Flyer buses are supported by the industry’s most comprehensive service and support network. With aftermarket parts, field service, technical support, training, publications and comprehensive product warranties, New Flyer buses truly have support for life.”
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. The Company also operates a service center in Arnprior, 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 www.www.newflyer.com.
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.
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 purchase parts or services, customers may not exercise options to purchase additional buses, 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 www.sedar.com. 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.
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