Wednesday April 28, 6:04 am Eastern Time
Company Press Release
New York Regional Rail Acquires Trucking Concern
NEW YORK--(BUSINESS WIRE)--April 28, 1999--NYRR's Acting President W. Robert Bentley announced that New York Regional Rail Corporation (OTC Bulletin Board Symbol:NYRR - news) has acquired majority interest in J.S. Transportation, in a non-cash transaction.
This acquisition compliments the Company's already expanding development of inter-modal terminal operations in parts of New York City and Northern New Jersey.
A regional trucking company, based in Southern New Jersey, J.S. Transportation is in the business of short-haul freight transportation. The company had gross revenues of approximately $200,000 during the month of March.
Management projects that business levels will continue to grow significantly as a result of this acquisition by New York Regional Rail, and the concentration of increased intermodal development. J.S. Transportation's current customer network covers a six-state radius which includes New York, New Jersey, Connecticut, Pennsylvania, Maryland, and Delaware. This expansive new customer territory will be served by the fastest, most cost-effective movement of rail-to-truck, truck-to-rail and ship-to-rail freight transportation into and throughout this Port District area and parts of the Atlantic Coast.
NYRR's facilitation of increased intermodal terminal operations, coincides with the Railroad's eager anticipation of the June 1st entrance of the region's new long-haul rail carriers; Norfolk Southern Railway and CSX Transportation, both of which it will access directly, and the Canadian Pacific Railway (CPR), which it will access through the Norfolk Southern system.
This acquisition effectively defines the Cross Harbor as this region's 'Direct Link to the National Rail-Freight Network,' through the soon-to-be-established Conrail Shared Assets Organization (CSAO), and signals a further solidification of the Cross Harbor's regional role as one of the leading multi-modal freight transportation providers, serving New York, New Jersey and the entire metropolitan area.
The company anticipates reporting more news on the development of this new and promising operation, in the weeks and months to come.
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 call us at (718) 788-3690 or visit our Website at www.nyrr.com.
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Contact:
New York Regional Rail Corporation, New York
Gregory C. Kisloff, 718/788-3690
Fax: 718/788-4462
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