WINNIPEG, Sept. 28, 2015 /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 in the United States and Canada, announced that Omnitrans of San Bernardino, California ("Omnitrans") awarded New Flyer a contract for up to 217 heavy-duty 40 foot Xcelsior®, compressed natural gas ("CNG") transit buses.
The contract, valued at over $119 million, includes a firm order for 15 buses with options for an additional 202 buses over four years. With Omnitrans acting as the lead agency on this consortium procurement, the 202 options are eligible for execution by seven other participating California transit agencies including: Culver City, Elk Grove, Montebello, Torrance, Stanislaus, Sunline Transit and UC Davis.
Established in 1976 through a joint powers agreement, Omnitrans carries approximately 16 million passengers annually throughout its 480-square mile service area, covering 15 cities and portions of the unincorporated areas of San Bernardino County (approx 1.4 million residents). Major destinations within the Omnitrans service area include: transportation centers, medical centers, educational facilities, shopping malls, business parks, and community centers. Omnitrans currently operates a fleet of 177 heavy-duty transit buses, 168 of which were built by New Flyer.
"We are proud to be given the opportunity to once again build for the City of San Bernardino and its partner agencies on this joint procurement," said Paul Soubry, President and Chief Executive Officer of New Flyer. "New Flyer has nearly 20 years of experience with natural gas powered transit buses, having delivered over 5,000 to more than 75 customers and we've gained invaluable experience allowing us to provide the most advanced and reliable CNG bus in the industry."
This award was one the orders referred to in New Flyer`s Orders and Backlog Press Release issued on July 15, 2015 where 1,238 EUs of new firm and option orders were pending from customers at the end of the period, where approval of the award to New Flyer had been made by the customer's board, council, or commission, as applicable, but purchase documentation had not yet been received by the Company and therefore not yet included in the backlog.
Note: All dollar amounts are stated in U.S. currency.
About New Flyer
New Flyer 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 of transit buses including drive systems powered by: clean diesel, natural gas, diesel-electric hybrid, electric trolley and now, battery-electric. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer also operates the industry's most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of transit buses.
The New Flyer group of companies employ over 3,300 team members with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States. Over 32,000 New Flyer and NABI heavy-duty transit buses are in operation today. Further information is available on New Flyer's website at http://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.
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.