Metropolitan Council of Minneapolis St. Paul Executes Options For 30 Additional New Flyer Xcelsior® 60 Foot Buses
St. Cloud, Minnesota, December 8th, 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 the United States and Canada, announced today that the Metropolitan Council of Minneapolis, St. Paul, Minnesota, exercised options for 30 heavy-duty 60-foot Xcelsior® XD60 clean diesel buses (or 60 equivalent units or EUs).
Metropolitan Council is the regional policy-making body, planning agency, and provider of essential services for the Twin Cities metropolitan area, with a mission to foster efficient and economic growth for a prosperous region.
The buses will be operated by Metro Transit (Metro) which provides an integrated network of buses, light rail and commuter trains as well as resources for those who carpool, vanpool, walk or bike in the Twin Cities. Metro is one of the country’s largest transit systems, providing roughly 90 percent of the 78 million bus trips taken annually in the Twin Cities. Metro Transit has a service area spanning 123 bus routes, with an additional six bus routes operated under contract with Maple Grove Transit. The additional 30 XD60 buses will be used to support the A-Line expansion of bus rapid transit set to open in 2016.
The contract, originally signed in March of 2014 was a firm order for 83 XD60 60 foot articulated buses (166 EUs), with options for up to 88 additional XD60 buses (176 EUs).
We appreciate our long term relationship with Metro and are excited to be contracted to build additional Xcelsior XD60 buses for them, said Paul Soubry, President and Chief Executive Officer of New Flyer. Metro is a first class transit organization and we are very proud to be able to build buses in the same community where they will be operated. We are excited to see the growth in Metro`s Bus Rapid Transit service and appreciate the confidence expressed in New Flyer. Built for Minnesotans by Minnesotans.
NOTE: All dollar amounts are stated in U.S. currency.
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 buses.
The New Flyer group of companies employ over 3,300 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 Flyers website at http://www.www.newflyer.com/content.
On November 10, 2015 New Flyer announced that it has entered into a definitive agreement to acquire North Americas leading motor coach manufacturer and parts and service supplier Motor Coach Industries International, Inc. (“MCI”). The completion of the transaction is subject to customary closing conditions including U.S. antitrust and Canadian Competition Act approvals and is expected to close by the end of 2015.
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, risks related to the satisfaction of the relevant closing conditions for and the completion of the purchase of MCI, the completion of the new credit facilities being entered into in connection with the purchase of MCI and the timing thereof, the availability of funds from the new credit facilities for the funding of the purchase price for and related expenses related to the purchase of MCI 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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