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Press Release

New Flyer Provides Corporate Update

Canada NewsWire

WINNIPEG, Feb. 3, 2012 /CNW/ - (TSX:NFI, TSX:NFI.UN) At the request of IIROC Market Surveillance, on behalf of the Toronto Stock Exchange, New Flyer Industries Inc. ("New Flyer") announces that it is holding discussions with a third party regarding a potential commercial and strategic relationship.  Commercial and legal terms of the relationship have not yet been agreed to by the parties and discussions are continuing.  There is no assurance that any agreement will be reached between the parties.

About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States.  New Flyer is a technology leader, 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 diesel-electric hybrid vehicles.  Further information is available on New Flyer's web site at www.newflyer.com.

Forward-Looking Statements
Certain statements in this press release are "forward-looking statements", which reflect the expectations of management regarding New Flyer's future growth, results of operations, performance and business prospects and opportunities. The forward-looking statements are often, but not always, identified by the use of words such as "believe", "seek", "anticipate", "plan", "estimate", "project", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.  These forward-looking statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Actual results and events 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 in the industry 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, New Flyer and New Flyer Industries Canada 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.

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