"Wednesday January 26, 9:14 am Eastern Time
Company Press Release
New York Regional Rail Announces Record Fourth Quarter and Fiscal Year Revenues
NEW YORK--(BUSINESS WIRE)--Jan. 26, 2000--NEW YORK REGIONAL RAIL CORPORATION (OTC Bulletin Board:NYRR - news) announced today record revenue for the fourth quarter and year ended December 31, 1999.
NEW YORK REGIONAL RAIL's Chief Financial Officer, Ira A. Levy, reported, ``Revenues for the fiscal year ended December 31,1999, exceeded $5,000,000, a 400% increase over 1998, and that the revenues for the fourth quarter ended December 31, 1999, approached $2,000,000. These are record revenues for our Company. Our Company continues to grow at unprecedented levels and we anticipate that this growth will continue for the foreseeable future.'
Robert Bentley, President of NEW YORK REGIONAL RAIL, commented, ``The latest quarter's record results were attained in what had been historically the Company's slowest quarter. In each of the last four quarters, we experienced a substantial increase from the previous quarter's level. Not only are we growing, but our growth is increasing consistently from quarter to quarter.'
The Company is also pleased to announce that it is currently in the process of negotiating with the minority shareholders of its subsidiaries and hopes it will be able to acquire all minority shareholders' equity.
NEW YORK REGIONAL RAIL is a transportation holding company. Its two principal subsidiaries are New York Cross Harbor Railroad (``NYCH') and JS Transportation (``JST').
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. The June 1, 1999 breakup of Conrail's monopoly over the New York, New Jersey rail freight market has created numerous opportunities for rail transportation in the New York City Region.
JST is a rapidly growing short haul regional trucking company, whose clients include many fortune 1000 companies and other established companies. JST currently serves a six state region including NY, NJ, PA, DE, MD and VA.
Certain information in this news release is forward-looking, relating to matters that may be affected by risks and uncertainties in the Company's business. These forward-looking statements are qualified in their entirety by the cautionary statements continued in the Company's Securities and Exchange Commission filings.
To review NEW YORK REGIONAL RAIL CORPORATION's web site on-line via the World Wide Web, access nyrr.com
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Contact:
New York Regional Rail Corporation
W. Robert Bentley
718/788-3690
or
Barry Kaplan Associates
Andrew J. Kaplan
732/747-0702
smallkap@aol.com"
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