Jory suspension lifted
THE Manitoba Securities Commission has lifted Jory Capital Inc.'s suspension that had been imposed when the firm failed to maintain sufficient capital and the firm is now in the process of restructuring.
Patrick Cooney, founder and CEO of Jory, said the firm wants to continue to offer independent advice but wants to get out from under the compliance burden it has been subjected to after a track record of consistently bumping up against the regulatory thresholds. He said the idea is to get out of the brokerage business, but however it plays out, he said Jory clients will be well looked after.
Last month, the Investment Industry Regulatory Organization of Canada, which oversees investment dealers, suspended the firm, but a provincial securities commission panel recently lifted that suspension without providing written reasons.
Cooney said details of the restructuring are in the process of being finalized and the firm will hold an open house for clients and the general public at the Caboto Centre on Wilkes Avenue, Wednesday at 6 p.m. to discuss the changes.
New Flyer gets new orders
NEW Flyer Industries Inc. is continuing to fill its order book.
This time, the Nashville Metropolitan Transit Authority has awarded New Flyer a contract for 70 (140 equivalent units or EUs) Xcelsior diesel-electric hybrid 60-foot articulated heavy-duty buses.
The three-year contract, with two years of renewable options, contains a firm order for 10 buses (20 EUs) with options for an additional 60 buses (120 EUs). Nashville is a new customer for New Flyer and has an active fleet of approximately 150 heavy-duty transit buses.
Last week, the Winnipeg busmaker signed a contract with Alameda Contra Costa Transit in Oakland, Calif., for the purchase of 23 (46 EUs) Xcelsior diesel 60-foot heavy-duty articulating buses.
That order was placed using options from another U.S. transit authority. The original contract, signed June 4, enables the assignment of up to 155 options of which 130 still remain after this procurement and are currently included in New Flyer's backlog.
Those two orders were preceded earlier this month by firm orders for 51 buses to transit authorities in Waterloo and Rochester, N.Y. Those orders carry options that could total as many as 252 buses over five years.