Foothill Transit Exercises Options for 30 Additional Buses with New Flyer Subsidiary, NABI Bus, LLC
Winnipeg, Manitoba, Canada October 18, 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 Foothill Transit in West Covina, CA (Foothill) has exercised options for 30 additional CNG powered Bus Rapid Transit (BRT) buses with NABI Bus, LLC (NABI ), a subsidiary of New Flyer.
In January 2013, Foothill Transit awarded NABI a new contract for 30 model 42-BRT buses, with options for up to 120 additional buses over a four year period. Foothill has now ordered its next installment by exercising options for 30 additional new buses.
The 42-BRT was derived from NABIs larger, 60-foot articulated BRT, already being operated by Foothill Transit. These buses are sleek and streamlined, with rooftop equipment completely concealed below the roofline. They also utilize a raked, single-piece windshield and hidden-frame side windows to add to their chic and iconic appearance.
Foothill Transits Executive Director, Doran Barnes noted, One of the key objectives with this purchase has been to obtain visually distinctive buses capable of attracting new riders. With bus appearance and design being critical, the NABI 42-BRT is a natural choice. Barnes added, These buses draw positive public attention and allow us to position public transit as a tech-forward and innovative transportation option for our communities. Their high seating capacity helps in our denser cities, and they are loaded with customer-oriented features.
Paul Soubry, President and CEO of New Flyer commented, This contract is Foothill Transits fourth contract with NABI since 2004. We are very proud of Foothills strong relationship with New Flyers subsidiary, NABI, and we are excited about how these sleek new buses complement our overall product portfolio.
Foothill transits new buses will be produced entirely at NABIs Anniston, AL manufacturing facility.
About New Flyer
New Flyer, with its recently acquired NABI subsidiary, is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company is the industry technology leader and offers the broadest product line including drive systems powered by: clean diesel, natural gas and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer and its subsidiaries NABI Bus, LLC and NABI Parts, LLC also operate the transit industrys most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of heavy-duty transit buses.
The New Flyer group of companies employ over 3,000 team members with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States. Further information is available on New Flyers web site at www.www.newflyer.com.
The common shares and convertible unsecured subordinated debentures of the Company 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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