NFI receives orders for 173 coaches and buses from New Jersey Transit

ST. CLOUD, Minn., Oct. 25, 2021 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF) NFI Group Inc. ("NFI" or the "Company"), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today announced that the New Jersey Transit Corporation ("NJ TRANSIT") has exercised options for 118 D4500 clean diesel commuter coaches, in its final year of an existing six-year contract (originally announced in 2015) with NFI subsidiary Motor Coach Industries ("MCI"). The order was converted from NFI's backlog. Earlier this year, NJ TRANSIT also exercised and received delivery of additional options for 30 MCI D4500 commuter coaches and 25 clean-diesel, sixty-foot New Flyer Xcelsior^® heavy-duty transit buses (50 equivalent units or "EUs").

The orders propel NJ TRANSIT's fleet revitalization plan, replacing older, end-of-life vehicles and enhancing the passenger experience in the New Jersey community. NJ TRANSIT is America's third-largest public transit agency, connecting New Jersey, New York and Philadelphia and providing nearly 270 million passenger trips every year.

"NFI continues to deliver the most advanced technology and proven transit platforms available in North America," said Paul Soubry, President and Chief Executive Officer, NFI. "With unmatched quality, industry-leading accessibility, lifetime service and support, and reliability through the most demanding environments, our buses and coaches provide efficient transportation for cities that need mobility solutions at scale."

"Since 2003, New Flyer and MCI delivered more than 3,000 vehicles to NJ Transit, including 1,449 buses and 1,564 coaches," said Chris Stoddart, President, North American Bus and Coach. "With these additional orders, we build on NFI's proven product legacy and longstanding partnership with one of the biggest transit agencies in America. By revitalizing its fleet with MCI's ADA-compliant D4500 coaches and New Flyer's high-capacity Xcelsior buses, NJ TRANSIT ensures the continued provision of safe, reliable, and efficient mobility for the greater New Jersey community."

Today, NFI supports growing North American cities with scalable, clean, and sustainable mobility solutions through a four-pillar approach that includes buses and coaches, technology, infrastructure, and workforce development. NFI also operates the Vehicle Innovation Center ("VIC"), the first and only innovation lab of its kind dedicated to advancing bus and coach technology and providing workforce development. Since opening late 2017, the VIC has hosted over 300 interactive events, welcoming 4,000 industry professionals for EV and infrastructure training.

About NFI

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today's urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation.

With 8,000 team members in nine countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer^® (heavy-duty transit buses), MCI^® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC^® (low-floor cutaway and medium-duty buses), and NFI Partstm. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 105,000 buses and coaches around the world. NFI common shares are traded on the Toronto Stock Exchange under the symbol NFI. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, www.arbocsv.com, www.alexander-dennis.com, and www.nfi.parts.

About MCI

MCI is North America's public and private market motor coach leader, building the luxury J-Series (an industry best-seller for over a decade) and workhorse D-Series, and offering zero-emission luxury and commuter coaches with the brand new battery-electric J4500 CHARGEtm and MCI D45 CRT LE CHARGEtm. MCI also provides maintenance, repair, 24-hour roadside assistance, parts, and technician training through the industry's only Automotive Service Excellence (ASE) accredited MCI Academy.

About New Flyer

New Flyer is North America's heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior^® and Xcelsior CHARGE^® brands. It also offers infrastructure development through New Flyer Infrastructure Solutionstm, a service dedicated to providing safe, sustainable, and reliable charging and mobility solutions. New Flyer actively supports over 35,000 heavy-duty transit buses (New Flyer, NABI, and Orion) currently in service, of which 8,600 are powered by electric motors and battery propulsion and 1,900 are zero-emission. Further information is available at www.newflyer.com.

Forward-Looking Statement

This press release may contain forward-looking statements relating to expected future events and financial and operating results of NFI Group 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 NFI Group 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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