"Tuesday April 11, 7:32 am Eastern Time
Company Press Release
New York Regional Rail to Acquire Remaining Interest in JS Transportation
NEW YORK--(BUSINESS WIRE)--April 11, 2000--NYRR's President W. Robert Bentley is pleased to announce that New York Regional Rail Corporation (OTC BB: NYRR - news) has entered into an agreement to acquire the remaining 49% interest in the outstanding common shares of it's trucking subsidiary -- JS Transportation (JST), in a non-cash transaction. The acquisition is subject to certain terms and conditions. One element of the final purchase price will be the issuance of ``performance shares' predicated upon JST achieving specific profit levels within the next ninety days. The completion of the sale is subject to shareholder approval. Upon completion, the Company will own 100% of the outstanding common shares of JST.
Since the original acquisition of 51% of the common shares of JST in April of 1999, trucking revenues have grown from less than $300,000 per month to over $800,000 per month. Mr. Bentley stated, ``When we acquired our interest in JST we never imagined this kind of significant revenue growth. By acquiring the remaining 49% of the outstanding common shares of JST, we are in a position to further expand the Company's revenue base and complete the task of integrating our two transportation entities into a 'seamless`` transportation network.'
JST is a rapidly growing short haul regional trucking company, whose clients include many Fortune 1,000 companies and other established companies. JST currently serves a six state region including NY, NJ, PA, DE, MD and VA.
New York Regional Rail Corporation is the owner and operator of the Cross Harbor Railroad, and is actively traded on the OTC Bulletin Board under the symbol: ``NYRR'. For further information please visit our Website at www.nyrr.com.
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 New York Regional Rail's and JS Transportation'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
Investor Relations, (718) 788-3690 x13
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