All About Alternate Fuel Vehicles (AFV)

Winnipeg, Manitoba, Canada − October 22, 2007
Source: New Flyer.com press releaese
http://www.newflyer.com/index/07-10-22-bus-orders
New Flyer Industries Inc., the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, announced today that it has received new orders for up to 1,180 buses for a combined value of over US $624 million.  Of these new orders, 794 buses are firm orders and 386 are options.  These orders are for a variety of vehicle configurations, including 35-, 40- and 60-foot buses and diesel, hybrid-electric, natural gas and fuel cell propulsion systems.
The largest of these orders is from Southeastern Pennsylvania Transportation Authority (“SEPTA”).  New Flyer has been advised that SEPTA’s board of directors has approved an order to New Flyer for 400 40-foot hybrid buses with options for up to an additional 80 buses.  Including this recent award, SEPTA has ordered over 1100 buses from New Flyer since 2000, including clean diesel, hybrid-electric and electric trolley buses.

Additionally, New Flyer was recently awarded an order by BC Transit in Victoria, BC to build North America’s first commercial fleet of hydrogen fuel cell buses.  New Flyer, in conjunction with Ballard Power Systems and ISE Corporation, will manufacture and deliver 20 40-foot hydrogen fuel cell buses for delivery by the end of 2009.  The new fleet will initially be based in Whistler, BC and will be an integral part of the public transportation infrastructure during the 2010 Winter Olympics.

Other bus orders recently awarded to New Flyer include:
* Community Transit in Everett, WA has ordered 15 60-foot hybrid BRT vehicles with options for an additional 34 buses
*  OC Transpo in Ottawa, ON has ordered 47 clean diesel 60-foot buses with options for an additional 77 buses
*  Mississauga Transit in Mississauga, ON has ordered 35 60-foot diesel buses
*  Valley Metro of Phoenix, AZ has ordered 52 40-foot compressed natural gas (CNG) buses
*   Calgary Transit in Calgary, AB has ordered 50 40-foot and 15 60-foot clean diesel buses
*  Winnipeg Transit in Winnipeg, MB has ordered 20 60-foot hybrid buses and 33 40-foot diesel buses
*  Other new contracts and exercised options total 302 buses

The level of activity in 2007 has resulted in a significantly improved backlog position for the year.  The total number of orders reported by New Flyer in 2007 is 3,886 buses with a value of over US $1.9 billion.   New Flyer’s backlog as of the end of September 2007 was 6,641 equivalent production units, which represents an increase of 25% in comparison to the 5,313 equivalent production units in backlog at the start of the year.  The value of the order backlog as of the end of September 2007 of US $2.5 billion has increased by 37% compared to the US $1.8 billion backlog at the start of the year.  The portion of firm orders included in the backlog has increased to US $1.1 billion as of the end of September 2007 from US $0.8 billion at the start of the year.

NOTE:  All dollar amounts are stated in US currency based on an exchange rate of US $1.00 = Cdn $0.9848 to calculate the value of the Canadian contracts in this release.