WINNIPEG,
May 21, 2014 /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
Canada and the United States, announced today that York
Region Transit, has exercised options to purchase an additional 34
clean diesel Xcelsior® 40-foot heavy-duty buses.
York Region Transit will purchase these buses
using an umbrella contract with the procurement department of the
province of Ontario, Canada. This
umbrella bus contract held by New Flyer is a 'standing offer'
available to public transit agencies across the province, and as a
result, New Flyer does not reflect any quantities in its backlog
until specific orders are received from a customer.
Since 1989 New Flyer has delivered 225 low floor
buses for York Region Transit. With a fleet of approximately
335 heavy duty transit vehicles today, York Region Transit serves
an annual ridership of more than 22 million passengers. These
additional clean diesel buses will replace buses already in service
that have reached the end of their useful economic life.
"New Flyer is proud of the opportunity to
provide buses to York Regional Transit for over the past quarter
century," said Paul Soubry, New
Flyer President and Chief Executive Officer. "They are a very
progressive transit operator and since 1989, have progressed with
New Flyer as we evolve our product offering from the high floor to
low floor bus models, and now with our innovative market-leading
Xcelsior."
The 34 Xcelsior® buses are
anticipated to be manufactured in the second quarter of 2014 and
delivered by the end of the third quarter of 2014.
About New Flyer
New Flyer, with its recently acquired NABI Bus, LLC subsidiary, 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 including
drive systems powered by: clean diesel, natural gas and electric
trolley as well as energy-efficient diesel-electric hybrid
vehicles. All buses are supported by an industry-leading
comprehensive warranty and support program, and service
network. New Flyer and its subsidiaries NABI Bus, LLC
and NABI Parts, LLC also operate the transit industry's most
sophisticated aftermarket parts organization, sourcing parts from
hundreds of different suppliers and providing support for all types
of heavy-duty 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. Further information is available on New
Flyer's web site at 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.
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.