NEW FLYER INDUSTRIES INC. AND NEW FLYER INDUSTRIES CANADA ULC ANNOUNCE FEBRUARY CASH DISTRIBUTION
Winnipeg,
Manitoba, Canada − February 16, 2010
(TSX:NFI.UN) New Flyer Industries Inc. (“NFI”) and New
Flyer Industries Canada ULC (“NFI ULC”) (together, “New Flyer”) today announced
that the fifty-fourth consecutive monthly cash distribution on the income
deposit security (“IDS”) of New Flyer in the amount of $0.0975 will be payable
on March 15, 2010, to holders of record of IDSs at the close of business on February
26, 2010. 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 February 1, 2010 to February 28,
2010.
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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