New Flyer Announces November
Cash Distribution
Winnipeg, Manitoba,
Canada − November 16, 2009
(TSX:NFI.UN) New Flyer Industries Inc.
(“NFI”) and New Flyer Industries Canada ULC (“NFI ULC”) (together, “New Flyer”)
today announced that the fifty-first consecutive monthly cash distribution on
the income deposit security (“IDS”) of New Flyer in the amount of $0.0975 will
be payable on December 15, 2009, to holders of record of IDSs at the close of
business on November 30, 2009. The IDSs
trade on the Toronto Stock Exchange under the symbol NFI.UN.
Each IDS consists of one common share
of NFI (a “common share”) and C$5.53 principal amount of 14% subordinated notes
of NFI ULC (the “subordinated notes”), an indirect subsidiary of NFI. The total distribution of C$0.0975 per IDS reflects a cash dividend of C$0.03298 per common share and an interest payment of C$0.06452 per C$5.53 principal amount of subordinated notes
for the period from November 1, 2009 to November 30, 2009.
All dividends paid by NFI
to Canadian residents on the common shares after December 31, 2005 are
designated as “eligible dividends” for purposes of the enhanced dividend tax
credit rules contained in the Income Tax Act (Canada) and any corresponding
provincial and territorial tax legislation. In addition, unless stated otherwise, all dividends paid by NFI
hereafter on the common shares are designated as “eligible dividends” for the
purpose of such rules.
New Flyer is the leading
manufacturer of heavy-duty transit buses in the United
States and Canada and a leading provider of
aftermarket services. New Flyer has the
broadest range of products in the heavy-duty transit bus industry and provides
its products and services to the majority of the largest transit authorities in
North America.
Forward-Looking
Statements
This press release may contain
forward-looking statements relating to expected future events and financial and
operating results of NFI and NFI ULC that involve risks and uncertainties. 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,
the covenants contained in NFI ULC’s senior credit facility and subordinated
note indenture and the other risks and uncertainties detailed in the disclosure
documents filed with the
Canadian securities regulatory authorities. Due to the potential impact of these factors, NFI and NFI ULC disclaim
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.
For further information, please contact:
New Flyer Industries Inc.
Glenn Asham, Chief
Financial Officer
Tel: 204-224-1251
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