Banyan Rail Services Inc. Announces 2009 Fiscal Results
BOCA RATON, Fla. -- April 15, 2010
Banyan Rail Services Inc. (OTCBB:BARA) (OTCBB:BARAD) today announced its
results of operations for the year ended December 31, 2009. The Company had a
net loss of $47,669, or $(.02) per common share, in 2009, compared to a net
loss of $562,836, or $(.22) per common share, in 2008. The 2009 results
include an income tax benefit of $1,356,862, reflecting the anticipated use of
tax net operating losses.
On September 1, 2009, Banyan Rail acquired 100% of the equity securities of
The Wood Energy Group, Inc, one of the nation’s largest railroad tie
reclamation/energy generation companies. Banyan Rail’s operating revenues for
2009 were $1,142,738, reflecting four months of operating Wood Energy under
Banyan’s ownership. Prior to the acquisition of Wood Energy, Banyan Rail had
no revenue. As of December 31, 2009, Banyan Rail has total assets of
$9,035,693 and stockholders’ equity of $3,964,100.
In early April 2010, Banyan Rail completed the exchange of $1,525,000 of
convertible debentures into 15,250 shares of Series A Preferred Stock,
reducing the Company’s debt and increasing the Company’s stockholders’ equity.
The Company also completed a 1-for-10 reverse stock split in April 2010, so
that as of December 31, 2009, there were 2,992,138 common shares outstanding
on a post-split basis. To indicate the split, the Over-the-Counter Bulletin
Board appended a “D” to the Company’s trading symbol until April 27, 2010.
After April 27, 2010, the symbol will revert to “BARA.OB”.
In January 2010, the Company changed its name to Banyan Rail Services Inc.
from B.H.I.T. Inc., to better reflect the Company’s plan to grow through the
acquisition of rail-related service companies.
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. For
more information on Banyan Rail, visit our website at: www.banyanrail.com.
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
Banyan Rail Services Inc.
Larry Rutstein, 561-997-7775
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