San Francisco Municipal Transportation Agency Exercises Options For 50 Xcelsior® Transit Buses
Winnipeg, Manitoba, Canada November 13, 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 San Francisco Municipal Transportation Authority (SFMTA), which oversees all transportation in the City, including the Municipal Railway (MUNI), has approved the purchase of an additional 50 heavy-duty 40-foot Xcelsior® diesel-electric hybrid buses.
SFMTA will purchase these buses under an umbrella contract with the procurement department of another US State. This umbrella contract is a standing offer open to public transit agencies across the United States, and as a result, New Flyer does not record any firm orders or options as part of its backlog until customer specific orders are received.
These 50 buses will be in addition to the 62 40-foot Xcelsior® diesel-electric hybrid buses awarded to New Flyer as mentioned in press releases on September 10, 2012 and December 21, 2012.
We are bringing state-of-the-art new hybrid buses to Munis riders, investing in the infrastructure needed to make MUNI a better means of transportation by improving transit performance and reliability, said Ed Reiskin, SFMTA Director of Transportation.
We are excited to build additional Xcelsior® hybrid buses for SFMTA, said Paul Soubry, New Flyers President and Chief Executive Officer. Having repeat customers that share our vision of high quality products, service and support is critical to building strong and lasting relationships. We are very proud to be associated with MUNI, who have clearly demonstrated commitment to service excellence through an environmentally conscious and responsible approach to providing transit service.
Production of these 50 buses has begun and all buses are expected to be delivered by the end of 2013.
About New Flyer
New Flyer, with its recently acquired NABI Bus, LLC 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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