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Winnipeg, Manitoba, Canada; May 7, 2006; New Flyer Industries Inc. (TSX:NFI.UN), the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, has been awarded a number of firm bus orders for a wide range of vehicles, including 35-foot, 40-foot and 60-foot buses with diesel, diesel-electric, compressed natural gas (CNG) and electric trolley propulsion systems. Customers have ordered 416 new buses, 391 of which are firm orders and 25 are options, for a total of up to US $183 Million (an exchange rate of US $1.00 = Cdn $1.11 was used for the Canadian contracts).

The wide variety of vehicles on order demonstrates New Flyer’s ongoing leadership in innovation and its broad product offering designed to meet unique customer needs.

Highlights include:

  • Washington Metropolitan Area Transit Authority in Washington, DC has exercised options for 117 40-foot diesel buses

  • London Transit Commission in London, ON has exercised options for fourteen 40-foot diesel buses

  • Pierce Transit in Tacoma, WA has exercised options for fifteen 40-foot CNG buses

  • Maryland Transit Administration in Baltimore, MD has exercised options for ten 40-foot diesel-electric buses

  • Translink in Vancouver, BC has modified its November 2005 order to include an additional 37 40-foot buses

  • SEPTA in Philadelphia, PA has ordered a base quantity of 38 40-foot electric trolleys with assignable options for an additional 23 electric trolleys

  • Mississauga Transit in Mississauga, ON has ordered 53 40-foot diesel buses

  • OC Transpo in Ottawa, ON has ordered 63 Invero 40-foot diesel buses

  • Smaller orders totaling 46 additional buses have been ordered by various transit agencies in the US and Canada

All of these vehicles will be supported by New Flyer’s Customer Services and Support organization, which provides parts, training, publications and field service to customers.

Given the number of firm bus orders, expected option conversions and the recovery of production lost as a result of the recent labor strike at the Winnipeg manufacturing facility, the Company is planning to increase its production rate from pre-strike levels throughout the remainder of the year by approximately 30%. The bulk of the increase, which is primarily due to the current level of firm bus orders, will occur at New Flyer’s US manufacturing facilities in the second half of 2006.

The Company expects continued growth in after-market operations. In 2005, this segment of the business realized a growth rate in excess of 20% compared to the prior year. Based on current year-to-date order volumes, the Company anticipates continuing this growth trend in 2006.

About New Flyer

New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company’s three facilities -- in Winnipeg, MB, St. Cloud, MN and Crookston, MN -- are all ISO 9001, ISO 14001 and OHSAS 18001 certified. With a skilled workforce of approximately 1800 employees, New Flyer is a technology leader in the heavy-duty transit market, offering the broadest product line in the industry, including drive systems powered by clean diesel, LNG, CNG and electric trolley, as well as energy-efficient gasoline-electric and diesel-electric hybrid vehicles. All of New Flyer’s products are supported by an industry-leading, comprehensive parts and service network. New Flyer’s Income Deposit Securities are traded on the Toronto Stock Exchange under the symbol NFI.UN. Further information is available on Company’s web site at www.newflyer.com and on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking statements relating to expected future events and financial and operating results of NFI and New Flyer Industries Canada ULC ("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 and the risks and uncertainties detailed in the annual information form 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:
Glenn Asham, Chief Financial Officer
Phone: (204) 224-1251