"Thursday December 23, 8:00 am Eastern Time
Company Press Release
SOURCE: NEW YORK REGIONAL RAIL CORPORATION
NEW YORK REGIONAL RAIL Announces Three Developments in New York Harbor Operations
NEW YORK, Dec. 23 /PRNewswire/ -- NEW YORK REGIONAL RAIL CORPORATION (OTC Bulletin Board: NYRR - news) announced today that one of its operating subsidiaries, New York Cross Harbor Railroad has completed several major infrastructure improvement projects. The completion of these projects will significantly increase the Company's freight movement capacity and should ultimately have a material impact on the Company's operating profits.
In early December 1999, the Company completed the rehabilitation of Track #17, its longest track on the Brooklyn side. In mid December 1999, the Company was also notified that Rail car float #29 had been rehabilitated and is now out of dry-dock. In addition, Engine #59 has been completely overhauled and is now back in service.
Mr. Sabato Catucci, newly elected Chairman of New York Regional Rail Corporation's Board of Directors stated, ``These capital improvements have given our Company its highest and most efficient operating capacity in years. As the new millennium approaches, the Company continues to position itself to best serve the ever-increasing demand for Cross Harbor rail freight movement.'
NEW YORK REGIONAL RAIL CORPORATION, through its subsidiary, New York Cross Harbor (NYCH), owns the ONLY rail floatbarge operation that crosses New York Harbor by virtue of its ICC certificate of necessity and convenience. NYCH's operation enables New York City, Long Island and Southern New England to connect to the national rail freight system. J.S. Transportation, the Company's other operating subsidiary, is a rapidly growing short haul regional trucking company which has experienced a dramatic 500% increase in monthly revenues since January of 1999. The Company is currently generating revenues in excess of $500,000 per month.
To review NEW YORK REGIONAL RAIL CORPORATION's web site on-line via the World Wide Web, access nyrr.com
SOURCE: NEW YORK REGIONAL RAIL CORPORATION"
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