Tuesday June 22, 6:00 am Eastern Time
Company Press Release
"NYRR's J.S. Transportation Signs New Contracts Amid Continued Strong Revenue Performance
NEW YORK--(BUSINESS WIRE)--June 22, 1999--Ira Levy, CFO of New York Regional Rail (OTC Bulletin Board Symbol: NYRR - news) and Acting President of J.S. Transportation, announced that after a number of weeks of negotiation, NYRR's recently acquired trucking subsidiary has signed several new waste contracts, in the tri-state metropolitan area.
These contracts are expected to increase existing annual sales revenues by in excess of $3 million. ''I am pleased to announce these most recent successes, and I can also report that J.S. is currently in the process in negotiating several similar contractual agreements, which we expect will be finalized shortly,'' said Mr. Levy. Certain of these contracts have already commenced business, and others will begin within the next few weeks.
May revenues for J.S. Transportation were over $300,000, remaining on-pace with the prior month's results, indicating tremendous growth potential for our regional trucking concern, which currently is serving an expansive customer-base within a six-state radius.
''Gross sales from last week alone, were in excess of $100,000. I have every expectation that we will continue to see strong signs of an increased customer base and revenue growth in the weeks and months to come,'' said Mr. Levy.
''As president of NYRR, I am extremely pleased by the service performance and continued business expansion of our trucking subsidiary, J.S. Transportation,'' said W. Robert Bentley.
J.S. Transportation is a subsidiary trucking concern, 51% of which is owned by New York Regional Rail Corporation (OTC Bulletin Board Symbol: NYRR - news). NYRR is also the owner and operator of the New York Cross Harbor Railroad, ''Direct Link to the National Rail-Freight Network.'' As a result of the recent acquisition and sub-division of Conrail, as of June 1st, the Cross Harbor now connects directly with the Norfolk Southern and CSX Railroads, for in- and out-bound freight circulating throughout the New York/New Jersey/Long Island Metropolitan area. Norfolk Southern and CSX purchased Conrail for a sum in excess of $10.2 billion.
Except for historical matters contained herein, the matters discussed in this news release may contain forward-looking statements and are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may reflect assumptions and involve risks and uncertainties that may affect J.S. Transportation's and NYRR's future business and prospects and could cause actual results to differ materially from these forward-looking statements. "
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Contact:
New York Regional Rail Corp., Brooklyn, N.Y.
Gregory C. Kisloff, 718/788-3690
Fax: 718/788-4462
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