(The New York Regional Rail Corporation issued the following news release on October 23.)
NEW YORK — The Board of Directors of New York Regional Rail Corporation is extremely pleased to announce the election of Gordon Kuhn to the position of Chairman of the Board and that it has finalized an extension of its Intermodal Transfer and Use Agreement with Unified Environmental Services Group, LLC (“Unified”).
“Mr. Kuhn’s proven track record of success, coupled with his reputation throughout the transportation industry, will provide the needed crucial credentials to guide our company as it continues to progress,” commented Ronald Bridges, Member of the Board.
“The election of Mr. Kuhn as our new Chairman, with his experience, expertise and leadership, reinforces our companies commitment to the future,” stated, Wayne Eastman, President of NYRR.
Mr. Kuhn retired from Conrail after serving as Senior Vice President in charge of its Core Business Group. As Senior Vice President Mr. Kuhn, was a key figure in Conrail’s monumental restructuring, whereby management turned a $1 million per day loss into a $2 million per day profit. In 1999, Conrail was purchased by Norfolk Southern (NYSE:NSC) and CSX Transportation (NYSE:CSX) for $10.2 Billion.
While at Conrail, Mr. Kuhn managed in excess of $1.8 Billion of sales revenue. His responsibilities included all aspects of Sales, Marketing, Customer Service, Billing & Collecting, Car Management, as well as, Industrial Development. He received his MBA from the University of Pennsylvania, Wharton School of Business. He is a highly respected lifetime railroader with over 25 years experience in the rail industry.
NYRR also announced today a contract extension until July 2006 with Unified. The new agreement contains railcar transportation and storage charges, as well as, a “Facility Use Payment” totaling $30,000 annually. Also, in connection with the agreement, Unified has made non-refundable payments to the Company totaling $180,000.
Joel Marcus, Chief Financial Officer of NYRR, commented, “We are very pleased with this new agreement with Unified, who accounted for almost $2.4 million (45%) of NYRR’s revenue in 2002. The $180,000 of payments will be used to decrease Accounts Payable, which further strengthens our balance sheet and the monthly portion of the “Facility Use Charge” will allow the Company to begin further negotiated settlements of its debts.”
Unified engages the services of both NYRR’s rail and trucking subsidiaries, the New York Cross Harbor (NYCH) and JS Transportation (JST). JST picks up loaded containers at various facilities throughout the New York/New Jersey Metropolitan region and transports them to Virginia or to NYCH’s Greenville, NJ facility. From Greenville Yard, railcars are loaded and transported to Helena, AK.
To learn more about New York Regional Rail’s complete transportation solutions, visit our website at www.nyrr.com or contact: Wayne Eastman, at (201) 433-0360.