Maryland Transit Administration Exercises Option to Purchase ten 60-Foot Xcelsior Articulated Buses
Winnipeg, Manitoba, Canada – January 17, 2013: (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 Maryland Transit Administration (“MTA”) has approved the purchase of 10 Xcelsior diesel-electric hybrid 60-foot heavy-duty buses.
The order for 10 articulated buses (20 equivalent units or “EUs”) was placed using options from another US transit authority. The original contract signed in 2010, enabled the assignment of up to 67 options of which 33 still remain after this procurement and are currently included in New Flyer’s backlog.
“These ten buses help move us towards our goal of doubling public transit use by 2020. We believe that protecting our communities and environment begins with building a robust and diverse transit fleet that is well designed, efficient and reduces our dependence on cars,” said Ralign T. Wells, MTA Administrator.
“New Flyer is proud to be selected once again as the preferred bus manufacturer for MTA,” said Paul Soubry, President and CEO of New Flyer. “We understand that having a dependable transit fleet is fundamental to MTA’s needs, therefore we are committed to providing ‘best-in-class’ reliability, along with spare parts, service and lifetime customer care.”
In the past eight years, Maryland has purchased 469 New Flyer buses in both diesel and diesel-electric hybrid propulsions. The MTA has demonstrated its commitment to investing in environmentally friendly vehicles by solely purchasing hybrid buses for six years.
This award was part of the group of firm and option orders for 509 EUs received just prior to the end of 2012 noted in the New Flyer press release of January 9, 2013 as included in the New Flyer backlog, but awaiting approval for the issue of a detailed announcement.
Production of the 10 articulated buses is anticipated to begin in the first quarter of 2013 and will be completely manufactured and assembled at New Flyer of America’s St. Cloud, Minnesota manufacturing facility. All buses are expected to be delivered in the second quarter of 2013.
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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