WINNIPEG, Sept. 26, 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 largest transit
bus and motor coach manufacturer and parts distributor in
North America announced today the
Washington Metropolitan Area Transit Authority ("WMATA") exercised
options for 100 heavy-duty 40-foot New Flyer Xcelsior®
compressed natural gas ("CNG") buses.
The 100 options valued at approximately $56 million were exercised off a contract signed
in June, 2013. To date, 500 buses have been exercised off this
contract of which 329 have aready been delivered to WMATA and 75
XDE40 or 60-foot buses remain to be exercised.
The buses will be deployed to support the Priority Corridor
Network ("PCN") focused on improving service of 24 of the busiest
routes that today serve half of WMATA's 440,000 daily riders. New
Flyer's best in class Xcelsior buses will add over 100,000 new
daily rides to the PCN and is expected to save each passenger up to
50 percent on their typical travel time.
WMATA currently provides over 2.3 million trips to over 4
million residents every year, with a predicted increase in fleet
size from 1,505 buses in 2013 to 2,060 by 2025. WMATA's growing
ridership increases by approximately 40,000 trips per year and has
a service area spanning 1,500 square miles.
"With over 1,200 buses delivered to WMATA since 2002, New Flyer
is thrilled to continue our relationship with WMATA and be a
partner they can continue to rely on," said Paul Soubry, New Flyer's President and Chief
Executive Officer.
NOTE: All dollar amounts are stated in U.S. currency.
About The Company
The Company 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 and employs approximately 5,000 team
members.
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 comprehensive 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 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 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.