B.H.I.T., Inc. Changes Name to Banyan Rail Services Inc.
B.H.I.T., Inc. Changes Name to Banyan Rail Services Inc. Adds Redfearn to Board of Directors Business Wire BOCA RATON, Fla. -- January 06, 2010 B.H.I.T., Inc. (OTCBB:BHIT), a publicly traded company headquartered in Boca Raton, Florida, announced today that it has changed its name to Banyan Rail Services Inc. (“Banyan Rail” or “the Company”) to better reflect the Company’s plan to grow through the acquisition of rail-related service companies. Banyan Rail owns The Wood Energy Group, Inc., one of the nation’s largest railroad tie reclamation/energy generation companies, which it acquired in September 2009. In connection with the name change, the Company will be assigned a new trading symbol for its common stock by the Over-the-Counter Bulletin Board (“OTCBB”) within the next few weeks. Until then, the Company’s stock will continue to trade under its current symbol, “BHIT”. The Company also announced that Donald D. Redfearn was appointed a director of Banyan Rail Services Inc., effective January 4, 2010. This increases the number of directors of the Company from four to five. From 1989 to 2004, Mr. Redfearn served as executive vice president of RailAmerica, Inc. (NYSE: RA), one of the world’s largest short line and regional railroad holding companies, and as president from 2004 to 2007. He also served as a director of RailAmerica since its inception in 1986 through 2007. Mr. Redfearn is currently the owner of Redfearn Enterprises, LLC, a real estate holding company. He has a background in financial services and spent 10 years in commercial banking prior to joining RailAmerica. Gary O. Marino, Chairman, President & CEO of Banyan Rail Services Inc., said, “We are pleased to have Don join our board. His past experience in the short line and regional railroad industry will prove invaluable in helping to guide Banyan Rail as we pursue rail-related business opportunities. In addition, our Company’s new name reflects our intent to grow shareholder value by investing in railroad support service companies that create economies of scale.” Banyan Rail Services Inc. is a railroad support services company headquartered in Boca Raton, Florida. The Company owns The Wood Energy Group, Inc., one of the nation’s largest railroad tie reclamation/energy generation companies. Safe Harbor Regarding Forward-Looking Statements Some of the statements that we make in this press release, including statements about our confidence in the Company’s prospects and strategies are forward-looking statements within the meaning of §21E of the Securities Exchange Act. Some of these forward-looking statements can be identified by words like “believe,” “expect,” “will,” “should,” “intend,” “plan,” or similar terms; others can be determined by context. Statements contained in this release that are not historical facts are forward-looking statements. These statements are necessarily estimates reflecting our best judgment based upon current information, and involve a number of risks and uncertainties. Many factors could affect the accuracy of these forward-looking statements, causing our actual results to differ significantly from those anticipated in these statements. You should not place undue reliance on our forward-looking statements, which reflect our analysis only as of the date of this release. The risks and uncertainties listed above and in documents that we file with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q, and any current reports on Form 8-K, must be carefully considered by any investor or potential investor in the Company. Contact: Banyan Rail Services Inc. Wayne August, 561-443-5300