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Marcopolo Makes Strategic Investment in New Flyer

TORONTO, Jan. 23, 2013 /CNW/ - Marcopolo S.A. ("Marcopolo"), a leading Brazilian company in bus body production, has agreed with New Flyer Industries Inc. ("New Flyer") to make a strategic acquisition of 11,087,834 newly issued common shares ("Shares") of New Flyer on a private placement basis for $10.50 per Share.  4,925,530 Shares will be issued to Marcopolo upon closing expected on or prior to March 1, 2013, with the remainder (6,162,304 Shares) to be issued to Marcopolo at the same price per Share in one tranche over the next 12 months following closing as determined by New Flyer based on its investment and financing needs and in certain other circumstances.  Upon completion of the acquisition, Marcopolo will own 19.99% of the then issued and outstanding Shares.

Marcopolo is purchasing the Shares for investment purposes and may increase or decrease its equity investment in New Flyer through market transactions, private agreements, treasury issuances, exercise of options, warrants or other convertible securities or otherwise at any time subject to applicable contractual restrictions and depending on market conditions and any other relevant factors from time to time.

Marcopolo and New Flyer also signed a Memorandum of Understanding to explore opportunities to cooperate on engineering, technical, purchasing and operational matters, with a focus on reducing New Flyer's bus manufacturing and aftermarket part costs and enhancing New Flyer's competitiveness.  The companies further agreed to assess Marcopolo's technology and products for possible introduction into the Canadian and US markets through New Flyer as well as New Flyer's technology and products for potential distribution into global markets.

 
   

SOURCE Marcopolo S.A.

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