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To: 2MAR$ who wrote (3424)	7/13/1999 8:10:00 AM
From: Auricman	Respond to of 150070

Tuesday July 13, 6:00 am Eastern Time Company Press Release NYRR's Cross Harbor Railroad Instant Beneficiary of NS/CSX Entrance NEW YORK--(BUSINESS WIRE)--July 13, 1999--New York Regional Rail's (OTC Bulletin Board Symbol: NYRR - news) President W. Robert Bentley announced this morning that, even in these initial days of operation, both Norfolk Southern Railway and CSX Transportation, have shown every indication that they wish to move significant levels of rail freight, via NYRR's Cross Harbor Railroad. The Cross Harbor Railroad is recognized as the single provider of cross-harbor rail-freight marine transportation, linking New York with the rest of the National Rail-Freight Network. ''After some initial operational and computer wrinkles were ironed-out, I am pleased to report that, just six weeks into this new operation, the Cross Harbor is handling tangible increases in rail-car traffic flowing through the Railroad's system,'' said Bentley. ''The introduction of competitive rail-freight service to this area has served as an immediate market stimulus to the region. We continue to be in negotiation with both railroads in an effort to conclude mutually beneficial transportation contracts that will benefit all railroads involved. These transportation contracts will provide growing customer bases with cost-effective and reliable freight transportation for the first time in a generation. I expect that many of these contractual agreements will come to fruition in the very near future,'' he continued. ''Since the June 1st Start Date, we have experienced growth in virtually all sectors of our rail-business. Also transport of cocoa now accounts for in excess of 65% of the Nation's consumption. As a result of this continued progress, I expect the Railroad to achieve positive cash-flow by the end of this quarter,'' he concluded. Bentley also reported that the Company is working to try to mediate a settlement with both Norfolk Southern and CSX, who assumed responsibility for the Conrail lawsuit as a result of their acquisition of Conrail. New York Regional Rail Corporation (OTC Bulletin Board Symbol: NYRR - news) is the operator of the New York Cross Harbor Railroad, which now connects with both Norfolk Southern Railway and CSX Transportation in Northern New Jersey, via the Oak Island Interchange and NYCH's Greenville Yards. 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 Corporation and the New York Cross Harbor Railroad's future business and prospects and could cause actual results to differ materially from these forward-looking statements. -------------------------------------------------------------------------------- Contact: New York Regional Rail Corp., Brooklyn, N.Y. Gregory C. Kisloff, 718/788-3690 -------------------------------------------------------------------------------- More Quotes and News: New York Regional Rail Corp (OTC BB:NYRR - news) Related News Categories: transportation -------------------------------------------------------------------------------- Help -------------------------------------------------------------------------------- Copyright © 1999 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving ina public database, redistributing via a computer network or in a printed form. See our Important Disclaimers and Legal Information. Questions or Comments?