Banyan Rail Services Inc. Subsidiary Enters Rail Tie Service Agreement with
Kansas City Southern Railway
BOCA RATON, Fla. -- April 08, 2011
Banyan Rail Services Inc. (OTCBB: BARA), announced today that its wholly-owned
subsidiary, The Wood Energy Group, Inc. (“Wood Energy”), has entered into an
amended service agreement with Kansas City Southern Railway Company (“KCS”)
(NYSE: KSU) for the gathering, pick-up and disposal of scrap rail ties. Wood
Energy, based in St. Louis, Missouri, is one of the nation’s largest railroad
tie reclamation and disposal companies.
Under this amended service agreement, Wood Energy has been selected to pick up
and remove more than 500,000 railroad ties per year for the next two years.
The original service agreement designated Wood Energy to dispose of the ties
once delivered by KCS to Wood Energy. This agreement covers the gathering,
pick-up and disposal of rail ties along KCS’ 3,500-mile, 10-state rail system
serving the central and south central U.S.
Greg Smith, President of The Wood Energy Group, said, “This new KCS tie
contract is an excellent addition to our core business. By virtue of this
amended agreement, Wood Energy will increase its total tie reclamation volume
to well over 2 million ties annually. It has been a pleasure to work with the
folks at the KCS and we are excited about this opportunity to expand our
services with them.”
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 and disposal 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
Banyan Rail Services Inc.
Larry Rutstein, 561-997-7776
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