NEW YORK — New York Regional Rail Corp. (NYRR) is pleased to announce an expansion of shipments and deliveries of steel products under the Company’s contract announced earlier this year with Transload Services LLC (TLS).
Under the contract, TLS’s customers send carloads of products through the New York Cross Harbor Railroad, NYRR’s rail subsidiary. TLS then inventories and schedules the products for local deliveries as needed by its customers using JS Transportation, NYRR’s trucking subsidiary. For over 50 years, TLS has specialized in providing a cost effective solution for processing, handling and delivery of steel products on an on-time and just-in-time basis for its customers.
Under the contract, shipments began with structural steel destined for a 47-story building being constructed in Brooklyn, NY. The Company is pleased to announce it is now handling additional projects for TLS. These projects include structural steel deliveries in Queens and Staten Island, NY, delivering rebar steel throughout the Northeast US and the transportation of steel pilings throughout the metropolitan New York region. Rebar steel is used for reinforcing concrete and concrete structures. Steel pilings are used for structural support.
Ronald Bridges, President and CEO of NYRR stated, “The addition of TLS, based in our Greenville NJ facility, complements our existing agreement with the Davidson Group, one of the largest suppliers of pipe, tubing, valves, fitting and accessories in the Eastern United States. The Davidson Group presently utilizes our Brooklyn, NY facility. We believe that our ability to successfully attract and service these two well-respected companies demonstrates our wide-ranging capability and will attract customers from other segments of the Northeast’s construction supply industry. Other construction suppliers should see the benefits of our services and take note.”
“Beginning in mid 2000 with the restructuring of our Board and the appointment of current management, we elected to allow the Company’s business and financial results to stand on their own merits. This was done in an effort to build the trust of our shareholders,” stated Joel Marcus, Chief Financial Officer of NYRR. “What has been particularly gratifying is that management’s hard work and determination is being validated by the Company’s financial results. Our beliefs are now invigorated by our achievements in both the short and long term prospects of our Company. The addition of these and the other new contracts and projects that we have been awarded should greatly assist us in achieving our goal of positive full-year Net Income during the current year and increasing profitability in the future,” he concluded.
Sal Catucci, Chairman of the Board of NYRR added, “The Company’s improvement during the last three years is remarkable. We have made great strides since fiscal year 1999 when NYRR had a net loss of over $5.3 million. Due to management’s dedication and focus, we have reported positive net income for our most recent quarter. Now with each new contract and agreement that we announce, we add to the profitable foundation we have built. I am excited to be a part of the Company and to help bring it to the next level.”