WAY TO GO WAYNE!! Here's the text, and ain't it sweet to read! I found myself actually moved - no kidding, this is pretty heady stuff for a 9 1/2 penny stock that I added to my portfolio just a few months ago.
And thanks to EVERYONE on this thread for their constructive cooperation and sharing!!
P.S. There is a subsequent correction, but I couldn't track it down.
Company Press Release
SOURCE: New York Regional Rail Corporation
Statement of New York Regional Rail Corporation Robert R. Crawford on
the Surface Transportation Board's Approval of the Merger Application by
Norfolk Southern Corporation and CSX Transportation to Purchase Conrail
NEW YORK, June 9 /PRNewswire/ -- ''Today begins a new era in the delivery of regional rail-freight services for the
New York, New Jersey, Long Island Metropolitan area, and in particular, for New York Regional Rail Corporation (OTC
Bulletin Board: NYRR - news) and its operating subsidiary, the New York Cross Harbor Railroad, 'Direct Link to the
National Rail-Freight Network.'
''The Surface Transportation Board's approval of this historic merger represents an extraordinary opportunity to
unleash the rail-freight and intermodal market potential of this region's rail network, of which NYRR's Cross Harbor
Railroad is a key and central component. This, in order to serve what can only be described as a burgeoning market
place, primed and ready for the affordability and efficiency of a coordinated and integrated rail-freight transportation
system.
''As this region's provider of rail-freight marine and multi-modal rail services, NYRR's Cross Harbor Railroad is prepared
today, to work with the Norfolk Southern Railroad and CSX Transportation to develop, market and serve the shipping
community in a way that delivers the most direct, reliable and cost-competitive freight transportation available.
''In this context, I was pleased that the members of the Surface Transportation Board in their decision, saw fit to 'direct
CSX to cooperate with cross harbor shipments of goods via float... across New York Harbor to solve traffic problems.'
We look forward to developing a cost-effective shipping program with CSX to satisfy the STB's concerns. As I have
indicated, since the merger proceeding commenced, I have long seen our operation as a logical conduit for both these
Class I Railroads' entrance into New York. The NYCHRR, therefore, stands ready to offer its unique service regimen to
both Railroads in a way that facilitates both competitive access, as well as optimal rail-freight service to the East side of
the Harbor.
''Currently, capacity for rail-car movement across the Harbor is 38,000 per year. Plans are in place now to increase that
capacity to as many as 75,000 rail-cars per year, once necessary capital investments are made in the NYCHRR's
physical plant and operational infrastructure. Additional investments that will increase the number of operational
float-bridges, thus expanding the railroad's capacities, will allow us to serve an ever-increasing volume of rail-freight
cars, in excess of 200,000 per annum.
''New York Regional Rail Corporation is the operator of the New York Cross Harbor Railroad -- the only float-barging or
marine freight railroad in this metropolitan region, or for that matter, in the Northeastern United States. Combining rail,
with marine and inter-modal truck transportation, the NYCHRR provides the most stream-lined, cost-effective and
efficient shipping system available for the movement of freight into and out of New York.
''Currently, the Railroad serves the Brooklyn waterfront industrial areas of Bay Ridge, Red Hook and Sunset Park, and
throughout the Port of New York, all part of a reemerging economic development zone. The Cross Harbor connects
with the New York & Atlantic Railway, operator of the Long Island Rail Road's freight operations, here in Brooklyn on
the East side of the Harbor, and with Conrail in New Jersey to the West. The approval of this merger by the STB will
allow our Railroad to connect directly with both Norfolk Southern and CSX as they enter this region through Northern
New Jersey.
''For over a generation, our regional economy, and in particular, our Port District, have been deprived of competitive
rail-freight service because of Conrail's monopoly of rail service to the region. The result has been a freight
transportation imbalance of enormous proportions. The sub-division of Conrail's operations by NS and CSX provides
this region with a new and exciting opportunity to take advantage of the market impact competitive rail access will have
on our region.
''NYRR's Cross Harbor Railroad has identified three major market segments which it plans to develop in coordination
with Norfolk Southern Railroad and CSX Transportation. They are general freight, intermodal traffic and a variety of
waste commodities. Over the past year, the NYCHRR has already experienced an expansion in its delivery of such
commodities as cocoa and lumber. I have every expectation that these and other product groupings will grow
significantly as a result of this new opportunistic climate for rail-freight business growth in this region.
''In addition, there will be clear public benefits that will come to this area as a result of this merger, and the anticipated
increase in regional rail-freight goods movement. They include a healthier environment due to reduced air pollution
from rail-transportation; reduced trans-Harbor traffic and congestion; heightened economic development and job
growth, as well as considerable cost savings to local and state governments.
''At this time, on behalf of W. Robert Bentley, President of the New York Cross Harbor Railroad, I wish to congratulate
Mr. David R. Goode, Chairman, President and Chief Executive Officer of Norfolk Southern Corporation [NYSE:NSC -
news], Mr. John W. Snow, Chairman & Chief Executive Officer of CSX Corporation [NYSE:CSX - news] and Mr. A.R.
'Pete' Carpenter, President & Chief Executive Officer of CSX Transportation, on this historic occasion, and at the same
time, pledge my Railroad's wholehearted support and cooperation in forging a new and effective rail-freight
business/transportation partnership for the 21st Century.
''In conclusion, I would also wish to emphasize the need for all industry and governmental stakeholders to unite under
one banner for the benefit of regional rail-freight and inter-modal growth, and the infinite benefits this will deliver to our
region.''
SOURCE: New York Regional Rail Corporation
More Quotes
and News:
CSX Corp (NYSE:CSX - news)
New York Regional Rail Corp (OTC BB:NYRR - news)
Norfolk Southern Corp (NYSE:NSC - news)
Related News Categories: banking, transportation
Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written
consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
See our Important Disclaimers and Legal Information. |
