Monday June 15, 10:43 am Eastern Time
Company Press Release
SOURCE: New York Regional Rail Corporation
NYRR Signs Landmark Agreement to Transport Dimensional Loads Into NYC; Staking Claim to Regional Niche Market
NEW YORK, June 15 /PRNewswire/ -- New York Regional Rail Corporation (OTC Bulletin Board: NYRR - news) President Robert R. Crawford announced that NYRR's Cross Harbor Railroad has entered into an agreement with James Lomma, President of The Lomma Companies, to jointly market and transport dimensional freight loads into New York City.
This contractual agreement represents an unusual partnership between two well-matched transportation and heavy lift equipment service entities, combining flexible operational capabilities, with proven and experienced sales performance. On the one hand, NYRR's Cross Harbor Railroad (NYCH) freight marine operation presents an ideal flexibility, having no height, weight or width restrictions throughout its entire regional rail-freight system.
On the other hand, the Lomma Companies, headquartered in Northern New Jersey, is the region's premiere marketing and service entity for the specialized heavy lift equipment business sector. In fact, they have demonstrated their proven business expertise by accomplishing a strong ''track-record'' in identifying, developing and servicing the heavy lift needs of an array of strategic Port business entities.
It is forecasted that annual revenue projections from this new service will be in excess of $100,000 per year, for the Railroad alone. Ultimate growth potential should be significantly higher than that. The mutual objective is to establish a strong, sustainable business niche in this specialized area, in order to realize long-term, steady growth. Product movements are slated to begin within the next several weeks.
''This strategic business agreement is an example of the new opportunities opening in the region's rail freight marketplace for New York Regional Rail. These opportunities are due in large part to the Surface Transportation Board's approval last week of the Norfolk Southern CSX take over of Conrail. This transaction will provide competitive rail-freight access to our region, and will allow both the Norfolk Southern Railroad and CSX Transportation to connect directly with New York Regional Rail's Cross Harbor Railroad,'' said Mr. Crawford.
''This new service will enable the Lomma Companies to achieve substantial efficiencies in their transportation of dimensional freight, including large transformers and generators, speciality building materials, such as structural steel, and various heavy handling equipment, such as cranes, large fork lifts, and other types of heavy machinery,'' concluded Mr. Crawford.
''I am pleased to be joining in this effort with Mr. Crawford and New York Regional Rail's Cross Harbor Railroad. This region is fortunate to be experiencing an upsurge in construction business activities as a result of both public and private planning initiatives,'' said Mr. Lomma.
''This ideal partnership is uniquely positioned to take full advantage of the region's continuing trend toward growth and economic resurgence. Our unique service mode will present significant cost-savings and service efficiencies to the construction industry, already enjoying substantial growth in New York City and the surrounding metropolitan area,'' he concluded.
New York Regional Rail Corporation ('NYRR') is the operator of the New York Cross Harbor Railroad, and is actively traded on the OTC Bulletin Board, under the symbol 'NYRR.'
SOURCE: New York Regional Rail Corporation
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