VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2014) - Grande West Transportation Group Inc. (TSX VENTURE:BUS) ("Grande West" or the "Company") is pleased to announce the appointment of Mr. Randy Wall to its newly formed Advisory Board. He is a seasoned senior executive who will be providing ongoing strategic perspective and operational advice to management and to the Board of Directors of Grande West.
Mr. Wall was the former President and Chief Operating Officer of Ritchie Bros. Auctioneers and held various other head office and field management positions commencing in 1988 until 2008. Over those twenty years, he was a key member of the Ritchie Bros. team in its growth to become the world's largest industrial auctioneer. He enjoyed a brief semi-retirement before rejoining Ritchie Bros. in 2013 as Chief Productivity Officer.
William Trainer, President and CEO of Grande West, stated: "We are indeed fortunate to have Randy become an advisor to Grande West. Sharing his wealth of first-hand knowledge and broad experience in growing Ritchie Bros. into a world leader and highly respected organization will be a valued resource. Attracting the caliber of Randy and him giving his sage counsel to myself, our management and Board will tremendously benefit the future growth of Grande West.
The Company has entered into a shares for account payable agreement for $70,000 of services provided by the former Chief Financial Officer at a price of $0.50 per share resulting in the issuance of 140,000 shares, subject to regulatory approval.
An additional purchase order has been received from Veoila Transdev Quebec for one 30 foot two-door Vicinity bus. The 30 foot two-door model is the latest addition to the Vicinity lineup. This initial order of this new model will be part of our next production run and will be delivered before year end.
Due to strong customer demand for on-site demonstrations, 3 new demonstration buses including the new 30 foot model with 2 doors are nearing completion in our current production run and will be on the road for use by customers this summer. These 3 Vicinity buses will be utilized for marketing and customer testing in key markets across the country. A 30 foot one-door configuration Vicinity model is also available for those looking for maximum passenger seating capacity.
The first of 3 Vicinity buses has been delivered to Kings Transit Authority in Nova Scotia. The remaining 2 buses for King's Transit are in the pre-delivery process at our Aldergrove facility with delivery scheduled in June.
In addition to the three demonstration buses, there are 12 Vicinity 27.5 foot buses for Quebec currently in the final stages of production with delivery planned for early summer.
About Grande West Transportation Group Inc.
Grande West was formed in 2008 to design and develop a 27.5 foot bus, known as the "Vicinity." With little competition in the "mid-size" bus range, Grande West has set itself apart from others with its "Vicinity" bus - a heavy duty mid-size, true community transit bus.
The Vicinity is designed with affordability, accessibility and global responsibility in mind. It costs about half the amount as a 40 foot transit bus, burns less fuel, emits less harmful environment emissions and achieves a life span twice as long as cut-away buses with less maintenance costs.
In a large and unsaturated market, Grande West is poised to capture growth in both the replacement of cut-away buses and the right sizing of larger buses for better utilization of transit fleets across Canada and the United States.
Initial deliveries of 15 Vicinity buses occurred in August 2013 to BC Transit. We also recognized the recent sale of our demonstration bus. Currently, we have 18 new Vicinity buses in production mostly for delivery to Quebec and Nova Scotia transit agencies. Our potential sales funnel is constantly growing, as the Vicinity is introduced to transit agencies across Canada.
For marketing and customer testing, 3 Vicinity demonstration buses are included in the current production run inclusive of our new 30 foot model with 2 doors for the Ontario market and airport shuttle bus applications.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) 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, without limitation, statements relating to the future operating or financial performance of Grande West Transportation, 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. These forward-looking statements may include statements regarding the perceived merit of the product offered by Grande West; sales estimates; manufacturing capabilities; capital expenditures; timelines; strategic plans; market prices for parts and material; or other statements that are not statements of fact. 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 the uncertainties involving the need for additional financing to market Grande West's products and provide after-sales maintenance and support services to Grande West's customers; access to adequate services and supplies to operate Grande West's business; availability of financing in the debt and capital markets; the need to obtain governmental approvals; unexpected cost increases, which could include increases in estimated capital and operating costs; fluctuations in price of materials used in the manufacture of our products and currency exchange rates; availability of a qualified work force; customers' reliance on funding from various levels of government to purchase our products; fuel shortages and fuel prices; competitors' ability to develop competing products; our ultimate ability to develop, manufacture and sell Grande West's products on economically favourable terms; 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.