ABQ Ride Exercises Options to Purchase 21 40-Foot Xcelsior® Buses
Winnipeg, Manitoba, Canada – February 7, 2014: (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 ABQ RIDE in Albuquerque, NM has approved the purchase of 21 compressed natural gas (“CNG”) 40-foot heavy-duty Xcelsior® transit buses.
ABQ RIDE will purchase these buses using an umbrella contract with the procurement department of another US State. This umbrella contract is a ‘standing offer’ available to public transit agencies across the United States, and as a result, New Flyer does not reflect it in its backlog until specific orders are received.
ABQ RIDE currently has approximately 230 buses in its transit fleet, of which 114 have been built by New Flyer since 2004. All of the New Flyer buses manufactured for ABQ Ride over the last 10 years have utilized a low floor design and with a diesel-electric hybrid propulsion system. With this order will be Albuquerque’s first Xcelsior® buses, and also the first with a CNG propulsion system to ABQ RIDE.
“This purchase offered the best bus available for the most economical price,” said Bruce Rizzieri, Director of ABQ RIDE/Albuquerque Transit.
“We are honored to be chosen once again to build buses for ABQ RIDE,” said Paul Soubry, President and CEO of New Flyer. “This is a transit company that strives to keep their fleet current and efficient, and now has embraced the environmentally conscious CNG propulsion system.”
The 21 buses are anticipated to be manufactured in the first quarter of 2014 and all are expected to be delivered by March 2014.
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 industry’s 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 Flyer’s 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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