MTA New York City Transit exercises options to purchase additional
twenty-nine 40-foot CNG buses
WINNIPEG,
Jan. 17, 2013 /CNW/ - (TSX:NFI;
TSX:NFI.DB.U) 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 New York City
Transit (NYCT) and the MTA Bus Company (MTABC) (together, "MTA")
have approved the purchase of 29 additional compressed natural gas
("CNG") 40-foot heavy-duty buses.
The first 14 of the 29 buses will be purchased
from a current NYCT contract signed on August 20, 2010. The original contract
contained 340 option buses and after exercising these 14 options,
76 options will remain in New Flyer's total backlog. The
remaining 15 buses will be purchased under a Daimler Buses North
America, Inc. (Orion) contract that was assigned to New Flyer on
July 25, 2012 for MTABC. The
assignment included 74 buses with 30 additional options of which,
15 options will remain in New Flyer's total backlog.
The combined NYCT and MTABC fleet consists of
over 5,600 transit buses and express coaches covering nearly 300
routes, making it the largest transit fleet in the United States. New Flyer has built and
delivered over 1,400 buses for NYCT since 1996, including 550 buses
in CNG and diesel bus configurations over the past 2 years.
"We are thrilled that NYCT continues to exercise
their options with New Flyer for additional buses and we believe it
reflects directly on the quality and performance of our industry
leading buses," said Paul Soubry,
President and CEO of New Flyer. "New Flyer is the market leader in
the production of CNG transit buses with nearly 20 years of proven
technology and demonstrated reliability with over 4,700 in
operation."
This award was part of the group of firm and
option orders for 509 EUs received just prior to the end of 2012
noted in the New Flyer press release of January 9, 2013 as included in the New Flyer
backlog, but awaiting approval for the issue of a detailed
announcement.
Production of these 29 buses for NYCT is
expected to begin in January 2013
with completion of delivery anticipated by beginning of the second
quarter of 2013.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses
in the United States and
Canada. The Company's three
manufacturing facilities - in St. Cloud,
MN; Crookston, MN; and
Winnipeg, MB - are all ISO 9001,
ISO 14001 and OHSAS 18001 certified. The Company currently
operates a parts fabrication facility in Elkhart, IN and four parts distribution
centers in Erlanger, KY;
Fresno, CA; Winnipeg, MB and Brampton, ON. The Company also operates
a service center in Arnprior,
ON.
With a skilled workforce of over 2,000
employees, New Flyer is a technology leader, offering the broadest
product line in the industry, including drive systems powered by
clean diesel, LNG, CNG and electric trolley as well as
energy-efficient diesel-electric hybrid vehicles. New Flyer
has delivered over 32,000 heavy-duty buses in the United States and Canada. All products are supported with
an industry-leading, comprehensive parts and service network.
Further information is available on New Flyer's web site at
www.newflyer.com.
The common shares and convertible unsecured
subordinated debentures of New Flyer are traded on the Toronto
Stock Exchange under the symbols NFI and NFI.DB.U,
respectively.
Forward-Looking Statements
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.
SOURCE New Flyer Industries Inc.