WINNIPEG, March 16,
2016 /CNW/ - (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 and motor coaches in the
United States and Canada,
announced today that the San Francisco Municipal Transportation
Agency (SFMTA) exercised options for 98 (142 equivalent units or
"EUs") heavy-duty 40-foot and 60-foot Xcelsior® diesel
electric hybrid buses.
The order for 54 XDE40 and 44 XDE60 Xcelsior
diesel electric hybrid buses is valued at approximately
$92 million, and is the third order
for SFMTA off a base contract awarded in December 2014.
Options for 48 XDE40 and 50 XDE60 were exercised in
June 2015, leaving 167 options
remaining on the contract that may be exercised up until December
of 2019.
SFMTA is the eighth largest transit system in
the United States, carrying more
than 225 million passengers annually.
NOTE: All dollar amounts are stated in U.S.
currency.
About the Company
The Company employs over 4,800 team members and
is the largest transit bus and motor coach manufacturer and parts
distributor in North America with
fabrication, manufacturing, distribution and service centers in
Canada and the United States.
Through its Canadian and U.S. subsidiaries, New
Flyer Industries Canada ULC and New Flyer of America Inc., the
Company is North America's
heavy-duty transit bus leader and offers the broadest transit bus
product line (Xcelsior® and MiDi® models),
incorporating the broadest range of drive systems available,
including: clean diesel, natural gas, diesel-electric hybrid,
electric-trolley and now battery-electric. New Flyer actively
supports over 42,000 heavy-duty transit buses (New Flyer, NABI and
Orion) currently in service.
Through its Canadian and U.S. subsidiaries, Motor
Coach Industries Limited and Motor Coach Industries, Inc., the
Company is North America's leader
in motor coaches, offering the MCI J4500, which is the industry's
best-selling intercity coach for 11 consecutive years, and the MCI
D-Series, the industry`s best-selling coach line in North American
motor coach history. MCI is also the exclusive distributor of Setra
S417 and S407 in the United States
and Canada. MCI actively supports
over 28,000 motor coaches currently in service and offers 24-hour
roadside assistance 365 days a year.
The Company also operates North America's most sophisticated aftermarket
parts organization providing support for all types of transit buses
and motor coaches. All buses and coaches are supported by an
industry-leading comprehensive warranty, service and support
network.
Further information is available on the Company's
websites at www.newflyer.com and www.mcicoach.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.