Banyan Rail Services Announces New Directors, Executive Promotions And
Acquisition Sector Targets
BOCA RATON, Fla., Oct, 18, 2013
BOCA RATON, Fla., Oct, 18, 2013 /PRNewswire/ --Banyan Rail Services Inc. (OTC
BB: BARA) a publicly traded company ("Banyan" or the "Company") announced
today that it has expanded its Board of Directors and has announced new
The Boca Raton-based company is targeting acquisitions in the industrial,
energy, transportation, technology, real estate and health care sectors
throughout North America. Gary O. Marino, Chairman said, "Our objective is to
build a great company by making select, strategic acquisitions and partnering
with outstanding management teams to help those companies achieve their full
potential." Banyan plans to acquire established businesses with proven track
records, and then will provide the capital and expertise needed to drive
success. "Our management team and Board of Directors has many years of
operating and financial experience which will allow us to be flexible and
agile in pursuing the right opportunities," he said. Mr. Marino today
announced that Banyan has promoted Donald D. Redfearn to the position of Chief
Executive Officer. Mr. Redfearn joined Banyan in 2010 and has served as
President of the Company since 2011. He previously served as Senior Vice
President of Patriot Rail Corp, a privately owned short line and regional
railroad operating company. Prior to that he was President of RailAmerica,
Inc., an international railroad holding company.
In addition to Redfearn's appointment, Banyan named Jon Ryan as the new
President of the Company. Ryan joined Banyan as Chief Financial Officer in
2011 and has over 16 years of public accounting experience, including with
Ernst & Young in its Ft. Lauderdale office.
Marino also announced that on October 4, 2013, the Board of Directors (the
"Board") of the Company increased the number of directors from 4 to 6. At
that time, Bennett Marks resigned, and Mr. Ryan was chosen to replace him. In
addition, 2 new directors were selected, Mr. Mark Friedman and Mr. Donald
Denbo, each with many years of diverse business leadership experience.
Mr. Friedman, 65, has been a private equity and venture capital investor since
1993. He currently serves as the Managing Partner of Constellation Investment
Partners, LLC, a Florida based merchant banking and special investment firm he
co-founded in 2001. Prior to that, Mr. Friedman practiced corporate law in
New York City as a partner with Shea & Gould for 15 years, primarily
representing investment banking firms and large public companies with their
financing and merger and acquisition projects. Mr. Friedman has served as a
director of a number of publicly traded companies, most recently from 2007 to
2012 for Direct Markets Holdings, a New York based investment banking firm.
Mr. Friedman received his Bachelor of Arts and his Juris Doctor degrees from
the University of Pennsylvania.
Mr. Denbo, 64, has served since 2002 as Chief Executive Officer of Commercial
Insurance Associates, a diversified insurance agency located in Memphis,
Tennessee. He has over 40 years of professional insurance brokerage and risk
management insurance, including service as Senior Vice President of National
Accounts/Risk Management of Willis, Inc. from 1976 to 1988, and Principal of
Security Insurance, Inc. from 1988 to 2002. Mr. Denbo received his Bachelor
of Science and Master of Science degrees from the University of Tennessee, and
a PhD from the London School of Economics.
As the economy recovers, Mr. Redfearn sees increasing opportunities for
Banyan. "Our team's strength and depth brings the strategic know how and
resources to take Banyan to the next level. Through our acquisition
activities we expect to transform Banyan into an industry leader."
For more information on Banyan Rail Services please visit us at
Some of the statements that we make in this press release, including
statements about our confidence in the Company's prospects and strategies and
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
SOURCE Banyan Rail Services Inc.
Contact: Banyan Rail Services Inc., Jon Ryan, 561-997-7775
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