New York Provides New Flyer Award For An Additional 72 Heavy-Duty Transit Buses
Winnipeg, Manitoba, Canada – May 1, 2015: (TSX: NFI) (TSX: NFI.DB.U) New Flyer of America Inc., a subsidiary of New Flyer Industries Inc. (“New Flyer” or the “Company”), the leading manufacturer of heavy-duty transit buses in North America, announced today that New York City Transit Authority (“NYCT”) granted New Flyer an award for an additional 72 heavy-duty, 40-foot, low floor, Xcelsior® buses (72 equivalent units or “EUs”).
This award is supplementary to the January 2014 contract announcement for 276 heavy-duty 40-foot Xcelsior® clean diesel powered buses and will replace vehicles that have reached the end of their useful life.
NYCT and MTA Bus Company (together, “MTA”) comprise the largest transit agency in North America with over 5,700 transit buses in their fleet of which approximately 1,000 or 17% are New Flyer buses. Over the last four years, New Flyer has delivered 668 transit buses or 758 equivalent units (“EUs”) to MTA with clean-diesel and natural gas propulsions systems in both 40 and 60-foot configurations.
Paul Soubry, New Flyer’s President and Chief Executive Officer announced, “We are very proud to have been awarded yet another opportunity to build buses for the NYCT, the largest bus operator in America.” Soubry added, “NYCT has among the harshest and most demanding operating profiles of any transit agency, so continued contract awards reaffirm that our Xcelsior is meeting their customer’s needs and is built to rely on.”
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the U.S 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 website at http://www.www.newflyer.com/content
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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