VANCOUVER, Oct. 2, 2017 /CNW/ - Grande West
Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) –
October 2, 2017: ("Grande West" or
the "Company"), a Canadian bus manufacturer of heavy-duty mid-sized
transit buses for sale in Canada
and the United States, is pleased
to announce a management update on Vicinity bus deliveries during
the third quarter ended September 30,
2017 and the earnings release date.
The Company delivered a record number of seventy five (75)
Vicinity buses in the third quarter. These record deliveries have
resulted in quarterly record revenues of over $25 million and the second consecutive quarter of
profitability.
Management is targeting delivery of two hundred (200) Vicinity
buses during 2017.
Along with reaching its second record quarter of deliveries,
revenue and profitability, management is pleased to announce the
opening of operations at the Atlanta-based College Park Facility. All Buy
America assembly processes, tooling and trained staff are in place
and pre-operational testing has been conducted. As previously
noted, Grande West will proceed slowly with initial assembly with a
focus on verification and validation of the total assembly process,
and ramping production according to plan in early 2018.
Management is attending and presenting at the
SmallCapDiscoveries Investment Conference in Vancouver on October
4th, a conference focused only on profitable, growing
Canadian microcaps. For more information, please visit
www.smallcapdiscoveries.com.
Grande West will be participating in the 2017 APTA Expo on
October 9-11 in Atlanta, Georgia. The EXPO is public transit's
major showcase of technology, products and services and is held
every three years.
As discussed in the second quarter conference call, the Company
will be responding to its first bid for an electric-powered
Vicinity in October.
William Trainer, President and
CEO of Grande West stated, "We are very pleased to have set
significant new company records in the third quarter. Beginning Buy
America production of the Vicinity is yet another milestone for
Grande West and another step towards increasing our US presence.
The Grande West team, alongside Alliance Bus Group, is looking
forward to participating in the APTA Expo next week and will be
showcasing the Vicinity bus as well as the new operational College
Park Facility."
Third quarter financial results will be announced before market
open on October 31, 2017. A
conference call to discuss these results will be held the same day
at 8:00 AM PST / 11:00 AM EST. The call-in number is (866)
215-5508 or (514) 841-2157 and can be accessed by entering passcode
45747146. A recording of the call will be available on the website
shortly after.
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer
which designs, engineers and manufactures mid-size buses for
transit authorities and commercial enterprises. Grande West's
Best-in-Class rated Vicinity bus is available in 27.5', 30' and 35'
models designed with affordability, accessibility and global
responsibility in mind. It costs significantly less than a regular
40' transit bus, burns less fuel and emits less harmful
emissions.
The Company has been successful in supplying Canadian municipal
transportation agencies and private operators with new buses and is
receiving follow-on orders in many Canadian transit agencies.
Grande West is Buy America compliant, and along with ABG, its
exclusive US distributor, has sold Vicinity buses to US–based
public and private operators and is actively pursuing more
opportunities throughout the US.
For further information please contact:
Grande West
Transportation
John LaGourgue
Ph: 604-607-4000
jlagourgue@grandewest.com
www.grandewest.com
Neither the TSX-V nor its Regulation Service Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding the use of proceeds from the
Private Placement, are forward-looking statements. Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. Forward-looking statements involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements.
Important factors that could cause actual results to differ
materially from Grande West's expectations include uncertainties
relating to the receipt of final approval from the TSX-V; and other
risk and uncertainties disclosed in Grande West's reports and
documents filed with applicable securities regulatory authorities
from time to time. Grande West's forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made. Grande West assumes no obligation to update the
forward-looking statements or beliefs, opinions, projections, or
other factors, should they change, except as required by
law.
SOURCE Grande West Transportation Group Inc.