Winnipeg Transit Awards New Flyer a Contract for 58 Xcelsior® Buses
Winnipeg, Manitoba, Canada – November 21, 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 Winnipeg Transit has awarded New Flyer a contract for 58 Xcelsior® clean diesel 40-foot low-floor transit buses, with 3 one-year optional contract extensions for approximately 33 additional buses each year. Winnipeg Transit currently operates 575 heavy-duty transit buses.
“Improving service to our customers is at the forefront of what we aim to accomplish,” said Dave Wardrop, Director of Winnipeg Transit. “These new Xcelsior buses are part of the natural replacement cycle of Winnipeg Transit buses that have reached the end of their service life and will be placed into service on various routes throughout the City of Winnipeg.”
“We’re very proud of our partnership with Winnipeg Transit and really excited to soon have our next-generation Xcelsior transit buses operating on the streets of Winnipeg,” said Paul Soubry, New Flyer’s President and Chief Executive Officer. “There’s a lot of history between Winnipeg Transit and New Flyer, and we couldn’t feel more privileged to provide Winnipeg transit riders a sense of pride for a bus designed and built by a local company. Having secured this award through open competition reinforces that our efforts to deliver industry leading buses at winning prices delivers best value to Winnipeg and to transit systems all over North America.”
New Flyer has built or has on order more than 5,000 next-generation Xcelsior buses in a variety of lengths and propulsion systems. The Xcelsior delivers an improved experience for drivers, passengers, and mechanics, and offers significant operating savings over the life of the bus. All New Flyer buses come with a comprehensive warranty that is backed by the industry’s leading aftermarket parts and product support team.
About New Flyer
New Flyer 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 of transit buses including drive systems powered by: clean diesel, natural gas, diesel-electric hybrid, electric trolley and now, battery-electric. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer also operates the industry’s most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of 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. Over 32,000 New Flyer and NABI heavy-duty transit buses are in operation today. 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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