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Monday May 17, 6:01 am Eastern Time
Company Press Release
W. Robert Bentley Accepts Appointment as President of New York Regional Rail Amid Continuing Administrative Consolidation and Stability
NEW YORK--(BUSINESS WIRE)--May 17, 1999--New York Regional Corporation's (OTC Bulletin Board Symbol:NYRR - news) Board of Directors announced this morning that W. Robert Bentley has accepted the Board's offer to serve as President of New York Regional Rail Corporation, a position in which he had served previously in an 'Acting' capacity. He will continue to serve as President of NYRR's Cross Harbor Railroad, a position he has held since January of 1998.
In a communication transmitted late Friday afternoon to the Board, Mr. Bentley said: ''I am gratified by the faith and confidence that you have placed in me at this time. New York Regional Rail Corporation, and its Cross Harbor Railroad (NYCH), are at an historic crossroads in their collective history. In just two weeks time, this Railroad will be called upon to transport a sizeable portion of New York's rail-freight commerce. I am proud to report that our management, staff and crews are ready, willing and able to shoulder this new responsibility, and welcome this challenge with a great sense of opportunity,'' he concluded.
In addition to the Company's ongoing emphasis on facility upgrades and enhancements, Mr. Bentley, with the Board, has been spearheading a concerted effort to solidify key management and administrative positions at the Railroad - this in order to fully prepare the Company for the long-awaited increase in business and resultant revenues. In this regard, he has signed longterm employment agreements with all key management personnel.
The Company has also retained Corporate Counsel in order to deal with day-to-day legal matters, and to help field the many business offers and opportunities that are being proposed to the Railroad during this exciting time. ''It appears that with NYRR/NYCH's imminent connections to the Norfolk Southern, CSX and Canadian Pacific, a number of entities have approached us regarding their potential utilization of our unique transportation system, for their present and future business needs,'' said Mr. Bentley.
New York Regional Rail has also secured the services of a prominent SEC (Securities and Exchange Commission) accounting firm, to complete SB2/SEC filings, in order to facilitate NYRR's becoming a fully reporting, publicly-traded company. As mentioned in the Company's May 4, 1999 announcement, Ira Levy, NYRR's recently appointed Chief Financial Officer, will oversee and direct this important process.
And finally, working throughout this weekend, the staff successfully brought NYRR/NYCH's computer system into the 21st Century. The Company installed an integrated computer system which fully addresses all potential Y2K issues, in addition to providing necessary upgrades to the Railroad's EDI (or Electronic Data Interchange) systems. The EDI system is the computer program that allows the Railroad to track rail-car movements nationally, by computer. This new system will enable the Railroad to monitor all rail-cars circulating throughout the Norfolk Southern and CSX Systems, and at the same time, allow NYRR/NYCH to track all rail-car movements bound for, or exiting the Cross Harbor system.
The system is networked to allow for immediate access to EDI information, at every terminal located throughout the NYRR/NYCH administrative headquarters. This new system will ensure streamlined communication between NYRR's Cross Harbor Railroad and the region's new long-haul rail carriers; the NS, CSX and CP Railways. At the same time, it will provide Cross Harbor's customers with continued, up-to-the-minute information on rail-car location and destination data.
New York Regional Rail Corporation (OTC Bulletin Board Symbol: NYRR - news) is the operator of the New York Cross Harbor Railroad, the only rail-freight marine system serving the New York, New Jersey, Long Island Metropolitan Region. On June 1st, Norfolk Southern Railway, CSX Transportation and Canadian Pacific Railway will enter this region in Northern New Jersey, through the Shared Assets area, and will have interchange capability with the Cross Harbor Railroad, through the NYCH's Greenville Yard facility, in Jersey City, N.J.
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Contact:
New York Regional Rail Corporation
Gregory C. Kisloff, 718/788-3690
Fax: 718/788-4462
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