Maine Manufacturer Teams On Environmentally Friendly Composite Transit Bus
22 June 1999
Maine Manufacturer Teams On New, Environmentally Friendly Composite Transit Bus Displayed At Composites Conference in Portland
PORTLAND, Maine--June 22, 1999--A new 30-foot, 26 passenger transit bus designed and manufactured by TPI Composites, (Warren, RI) and fabricated with BTI engineered reinforcements heads for display at the Northeast Composites Conference, Holiday Inn By The Bay in Portland, June 21-22 1999. TPI's customer, North American Bus Industries ("NABI"), a major supplier of transit buses will assemble, market and distribute the new composite bus.It took two innovations to build the 30-foot, 26- passenger bus according to TPI. The first innovation was to achieve significant weight reduction for improved operating efficiencies and the second was to incorporate the 68 horsepower hybrid electric-natural gas drive system for significant reductions in energy use and harmful emissions. TPI believes its bus is the only design without a steel frame allowing for weight reduction and process simplification by eliminating any welding.
TPI turned to its longtime supplier BTI, which designed a specific engineered reinforcement for the bus making it possible to achieve the weight economies and structural integrity. "Without BTI reinforcements, this project would have been almost impossible to develop," said Steve Misencik, TPI's new development project manager.
"The advantages of the hybrid composite bus are numerous," added Mr. Misencik "It provides transit authorities with lower operating, maintenance and capital costs while also reducing harmful emissions, about 58% less carbon dioxide than a diesel model in conventional buses. The bus runs on about half the horsepower a compact car needs and weighs 16,000 pounds, which is two thirds of a standard bus."
The hybrid composite buses are ideally suited for airport shuttle operations, transit operators in lower density suburban and rural routes, and environmentally sensitive areas. While NABI currently plans to stick with the composite bus bodies and conventional diesel engines, there is a push in the industry to move toward the hybrid power design. Recently, NABI signed a $6 million contract to buy composite bodies, tooling and technical support for a combination of 30, 40 and 45-foot buses.
At the close of the conference, the bus will travel to Boston' s Logan Airport where it will enter service as a terminal shuttle later this month.
Matters discussed in this news release with respect to expected financial results and future events, including any discussion, expressed or implied, of the Company's anticipated revenue growth, operating results and future earnings per share are forward-looking statements (identified by the words "expect", "estimate", "project", "plans", "believe", and similar expressions) that involve known and unknown risks and uncertainties. For these statements the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company's future operating results are dependent on its ability to achieve increased sales and to control expenses. Factors such as lower than expected inflation, product cost fluctuations, changes in product mix, continued or increased competitive pressures from existing competitors and new entrants (both fiberglass and non-fiberglass), including price cutting strategies and deterioration in general of regional economic conditions are all factors which could adversely affect sales projections. Additionally, the Company's operating results may be negatively affected by (i) difficulties and uncertainties associated with the merger of three of the Company's large distributors, (ii) fluctuations in valuation of the pound Sterling versus other European currencies and the US Dollar, (iii) the failure to obtain necessary capital for the expansion of facilities and acquisitions, (iv) unforeseen results of the Y2K problem and (v) the inability to continue to improve production capacity and scheduling. These and other risks are detailed from time to time in the Company's SEC reports, including Form 10K for the year ended December 31, 1998.
PHOTO OF COMPOSITE BUS AVAILABLE