Another News Release!!!
NYRR Lauds Railroad's Historic Agreements with Long Haul Partners; Prepares for 'Safe and Successful' Future
PR Newswire - November 04, 1998 06:17
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NEW YORK, Nov. 4 /PRNewswire/ -- New York Regional Rail Corporation (OTC Bulletin Board: NYRR) Vice President W. Robert Bentley announced that the company's operating subsidiary, the Cross Harbor Railroad, has signed an Industry Agreement, designed to facilitate a whole new era in commerce, between large Class 1 freight railroads and their operating regional and short-line partners.
A member of the American Short-Line and Regional Railroad Association (ASLRRA), NYRR's Cross Harbor will realize a wide range of rate benefits and service advantages as a result of this omnibus agreement, signed with the Association of American Railroads (AAR), representative for the Long-Haul Class 1's.
"This is an historic day for all regional and short-line railroads, but particularly for New York Regional Rail," said Mr. Bentley, Vice President of NYRR, and President of the operating subsidiary. "As this region's 'Direct Link to the National Rail-Freight Network,' and the imminent industry connecting partner with Conrail, Norfolk Southern, CSX and Canadian Pacific Railway, we find ourselves on the threshold of an extraordinary business and freight transportation opportunity," he continued.
AAR Chairman David R. Goode (President, Chairman and CEO of Norfolk Southern) lauded this new agreement, as did AAR President & CEO Edward R. Hamberger, who called (it) "historic ... a new era of cooperation between Class 1 railroads and the short lines and regional railroads." ASLRRA President William E. Loftus agreed.
"Advantages that NYRR's Cross Harbor Railroad will directly benefit from are: 1) improved rail-car supply, 2) enhanced Interchange Service Agreements (with its Long-Haul partners), and 3) the establishment of new routing and haulage agreements intended to develop profitable new business avenues," said Mr. Bentley.
"In addition, the Railroad was recently accepted as an associate member of the Northeast Operating Rules Advisory Committee (NORAC). Shared by the majority of freight railroads in the Northeast, our adoption of these standardized operating/safety procedures has brought us into conformity with our connecting industry partners. In recent weeks, the Railroad has certified all of its operating employees with these invaluable tools for safety and success," said Mr. Bentley.
"Similarly, I am proud to report that the Railroad was the recipient of the Jacobson Safety Award, having achieved the 'zero-level' mark for employee injuries in 1997. With our new operating/safety program well in place, we are confident of repeating this level of excellence, during this current year, and for many years to come," he continued.
"Having established new partnerships, new safety/operating agreements and new industry agreements, New York Regional Rail's (NYRR's) operating subsidiary stands ready to meet the challenges of the post-Conrail era," Mr. Bentley concluded.
New York Regional Rail Corporation 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
/CONTACT: Gregory C. Kisloff of New York Regional Rail Corporation,
718-788-3690/
(NYRR) |
