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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 today that the Southeastern Pennsylvania Transportation Authority (“SEPTA”) awarded New Flyer a contract for up to 35 30-foot MiDi® clean diesel buses.
The contract, valued at approximately $17 million, is for a total of 35 MD30 buses, 28 which are firm with options for an additional seven. The New Flyer MiDi was introduced by New Flyer as part of a joint venture with Alexander Dennis Ltd as a mid-sized transit bus or community shuttle that has been tested to a 12-year durability standard at the bus test program at Altoona, PA and is a compliment to New Flyer’s heavy-duty Xcelsior platform. To date, New Flyer has delivered over 80 MiDi buses in North America.
SEPTA currently services over 3.9 million passengers annually in Philadelphia and its suburban areas of Delaware, Montgomery, Bucks and Chester. It has 2,295 revenue vehicles and 196 routes covering 2,200 square miles.
“Since 2002, New Flyer has built and delivered over 1,130 transit buses for SEPTA in a variety of models, lengths and powered by various propulsion systems. This award for MiDi buses reflects the strong partnership that we have developed with SEPTA and is the first significant award for our MiDi program,” said Paul Soubry, President and Chief Executive Officer of New Flyer. “SEPTA’s commitment to continuous fleet renewal efforts proves why they are amongst the leading transit agencies in the United States”
Note: All dollar amounts are stated in U.S. currency.
About New Flyer
New Flyer (newflyer.com) 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.
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 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.
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