New York orders more buses from New Flyer
St. Cloud, Minnesota, USA – August 27, 2018: (TSX: NFI) New Flyer of America Inc. (“New Flyer”), a U.S. subsidiary of NFI Group Inc. (“NFI”), the largest transit bus and motor coach manufacturer and parts distributor in North America, today announced that the New York City Transit Authority (“NYCT”) has awarded New Flyer with another order for 53 Xcelsior® clean diesel sixty-foot, heavy-duty transit buses. The new order adds 106 equivalent units to New Flyer’s firm order backlog.
The contract is funded through Federal Transit Administration (“FTA”) grants.
“New Flyer is committed to manufacturing reliable, innovative, and safe transportation options that help advance city growth and development, and make public transportation more efficient and affordable for communities,” said Wayne Joseph, President, New Flyer of America. “We are proud to see more of our buses deployed in New York City, and to continue building on our long history with NYCT.”
NYCT and the MTA Bus Company comprise the largest transit agency in North America. NYCT serves an estimated 8.5 million citizens and supports more than 60 million visitors annually.
NFI has delivered more than 2,500 buses to NYCT, with over 1,100 Motor Coach Industries (“MCI”) coaches and 1,400 New Flyer transit buses connecting New York City and its surrounding boroughs and communities. MCI is another U.S. subsidiary of NFI.
About NFI Group
With nearly 6,000 team members, operating from 31 facilities across Canada and the United States, NFI is North America’s largest bus and motor coach manufacturer providing a comprehensive suite of mass transportation solutions under several brands: New Flyer® (heavy-duty transit buses), ARBOC® (low-floor cutaway and medium-duty buses), MCI® (motor coaches), and NFI Parts™ (parts, support, and service). NFI buses incorporate the widest range of drive systems available including: clean diesel, natural gas, diesel-electric hybrid, and zero-emission electric (trolley, battery, and fuel cell). For the fiscal year ended December 31, 2017, NFI posted revenues of US $2.4 billion. NFI common shares are traded on the Toronto Stock Exchange under the symbol NFI. News and information are available at www.nfigroup.com.
About New Flyer
New Flyer is North America’s heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior® and Xcelsior CHARGE™ brands. New Flyer actively supports over 44,000 heavy-duty transit buses (New Flyer, NABI, and Orion) currently in service, of which 7,300 are powered by electric motors and battery propulsion and 1,600 are zero-emission. Further information is available at www.www.newflyer.com.
This press release may contain forward-looking statements relating to expected future events and financial and operating results of NFI Group 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 suspend or 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 NFI Group 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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