news on NYRR today... wonder why stock sold off today only to rebound some of its losses last hour.. (i bought at 1.18) here's some news care of gabrd ; did anyone see this? didn't see it posted here earlier
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To: +Ga Bard (5884 )
From: +Ga Bard Tuesday, Jun 1 1999 9:09AM ET
Reply # of 5970
NYRR'S Cross Harbor Railroad Hails Norfolk Southern/CSX June 1st 'Start
Date' as Beginning of Historic New Partnership with Entering Long-Haul Rails
NEW YORK (June 1) BUSINESS WIRE -June 1, 1999--
Region's Single Rail-Freight Marine Provider
Ushers in New Era of Explosive Growth and
Regional Cooperation
New York Regional Rail (OTC BB:NYRR) President W. Robert Bentley hailed
this morning's takeover of the assets and operations of Conrail, by
Norfolk Southern Corporation and CSX Transportation, as "the greatest
business opportunity that NYRR's Railroad has faced in a generation."
"At the same time," he continued, "this development represents the most
tangible step forward for regional rail and intermodal expansion, that
the Port of New York and New Jersey has witnessed," said Bentley.
New York Regional Rail Corporation ("NYRR") is the operator of the New
York Cross Harbor Railroad, "New York & New Jersey's Direct Link to the
National Rail-Freight Network," and the only rail-freight marine
operation serving the Northeastern United States. With operations
located at Jersey City's Greenville Yard, and multiple points of access
on the Brooklyn waterfront, the Cross Harbor Railroad holds the only
ICC Certificate of Necessity & Convenience to transport rail-cars via
tug-propelled car-float (float-barge) between New York and New Jersey
and throughout the Harbor.
As a result of the Norfolk Southern and CSX entrance, into this
regional marketplace, NYRR's Cross Harbor will access both long-haul
carriers, directly through what will be called the 'Conrail Shared
Assets Organization' area (or CSAO), solidifying the NYRR/NYCH system,
as New York & New Jersey's Gateway to enhanced competitive rail-freight
access. The Railroad will also connect with the Canadian Pacific RR.
Shortly after the June 1998 Surface Transportation Board's (STB)
approval of the NS/CSX acquisition of Conrail, NYRR's Cross Harbor
Railroad signed a general "Handling Agreement" with the Norfolk
Southern Railway (NYRR Press Release of 11/16/98), thus rapidly
securing its position as the NY/NJ/LI region's 'Hub' Short-Line
Railroad.
NYRR's Cross Harbor recently concluded an exclusive agreement with
Norfolk Southern to move trans-load bulk freight throughout the region
at a new facility to be situated within the Railroad's Bush Terminal
Yard in Brooklyn, N.Y. (NSC Press Release of 5/18/99). Bush Terminal
will also be the recipient of an array of general freight flows.
In summarizing his feelings on the historic meaning of this day for
both NYRR's Cross Harbor Railroad, and for the entire region, Mr.
Bentley said: "I am convinced that the entrance of Norfolk Southern and
CSX Transportation into this market, will mean substantially higher
volumes of rail-freight cars bound for, and running through our rail
system. As a result, we will benefit from significantly increased
revenues, resulting from this strong growth opportunity," he said.
"We can also expect to see other business benefits from this entrance
of regional rail-freight competition. They are: premium service for the
rail-freight shipper; along with substantially lower cost structures
due to increased transportation competition. Optimally efficient
service will result from more rail interline cooperation, which will be
a strong catalyst for regional increases in low-cost rail-freight
transportation volume," he continued.
"I don't think we should underestimate the public benefits that will
enure to this region. The result of the entrance of Norfolk Southern
and CSX Transportation will produce a tangible decrease in trans-Harbor
truck traffic and congestion; improved ambient air quality as a result
of lower levels of harmful emissions and particulates; savings to local
and state governments on larger scale capital highway and bridge
infrastructure investments; and strengthened economic and industrial
development, not to mention, significant job creation for both sides of
the Harbor. NYRR is proud of its current and forthcoming role in
achieving these public benefits," he concluded.
It is NYRR's Cross Harbor Railroad intent to work with the other
railroads in this region, to help bring about a more balanced
transportation network. Currently, regional truck freight-flows account
for better than 95% of the region's overall freight movement, with just
under 5%, reported for rail.
In addition to its current agreements with the Norfolk Southern
Railway, the Cross Harbor Railroad has signed agreements with CSX, to
handle traffic destined for New York. The Railroad has also indicated
its willingness and desire to work with the Canadian Pacific Railways,
in order to facilitate its freight flows entering this, the highest
consuming economy in North America.
Recently, the City of New York completed its 'Ten-Year Capital Strategy,
' and has earmarked nearly $900 million in capital investment
resources, for long-term development of a number of commercial and
industrial initiatives. Included are three areas of particular
significance to NYRR's Cross Harbor Railroad. They are: Industrial,
Ports, Waterfront and Market Development, which, taken together, amount
to $421.6 million, or nearly half of the aforementioned investment
goal.
In this program are two sites identified as providing positive impacts
on future rail-service and car-floating operations along the Brooklyn
Waterfront. They are: the South Brooklyn Marine Terminal, and Bush
Terminal. Improvements to these key facilities will enhance operations
for the Cross Harbor Railroad, which has rail rights over the trackage,
extending from Brooklyn's 29th Street to 65th Street. NYRR's operating
subsidiary is the only rail-freight marine operation in the Harbor.
These developments will provide improved waterfront access for the NYCH
expansive rail and intermodal operations.
-0- as/sf*
CONTACT: New York Regional Rail
Gregory C. Kisloff 718/788-3690
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