Calgary Transit Orders an Additional Twenty New Flyer 60-Foot Xcelsior® Buses
Winnipeg, Manitoba, Canada – March 6, 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 Canada and the United States, announced today that Calgary Transit has exercised options to purchase an additional twenty Xcelsior® 60-foot clean diesel heavy-duty transit buses (40 equivalent units or “EUs”).
This order is from the Company’s contract with Calgary Transit for 10 60-foot Xcelsior® buses that was awarded in June 2013. All 10 buses have been delivered. The contact did not have a specified quantity of options, but allowed Calgary Transit to order additional quantities of the same bus for up to one year. This order is in addition to the current 150 Xcelsior® 40-foot bus contact that was announced in a New Flyer press release on September 26, 2013. The contract is proceeding on schedule and to date the Company has delivered 15 buses from that order.
Calgary Transit operates an active fleet of more than 900 heavy-duty transit buses of which 668 are New Flyers delivered over the past two decades, most of which remain in active service today.
“We are pleased to continue our partnership with Calgary Transit and this order for more 60-foot Xcelsior® buses reflects on Calgary Transit’s continued confidence in our buses,” said Paul Soubry, President and Chief Executive Officer at New Flyer. “We are committed to providing world class products and industry leading customer service to support Calgary as they respond to significant growth and demand from their ridership”.
This new contract for 20 Xcelsior® articulated buses are anticipated to begin production in the third quarter of 2014 and all buses are expected to be delivered by the end of 2014.
About New Flyer
New Flyer, with its subsidiary NABI Bus, LLC, 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, electric trolley, diesel-electric hybrid and now all-electric buses. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer and its subsidiary 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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