New York Regional Rail gains approval to trade as 'NYRR' on the NASD

Business Wire, June 24, 1996

NEW YORK--(BUSINESS WIRE)--June 24, 1996--Effective this morning, New York Regional Rail Corp. began trading under the newly designated symbol of "NYRR" on the NASD-Bulletin Board.

The stock had formerly traded under the symbol of "BSLR."

Company Chairman and CEO Robert R. Crawford received word at dawn this morning of the good news. "This issue, which had opened just three weeks ago under the symbol of `BSLR' will now receive the attention it deserves under the new symbol of `NYRR' which will provide heightened interest, greater accessibility and instant name recognition to the marketplace at-large."

Having recently assumed operational and management control of the New York Cross Harbor Railroad Terminal Corp., NYRR connects with ConRail in New Jersey, serving as the direct link to the nation's rail network, and the only inter-modal freight railroad serving the New York/Long Island/New Jersey downstate metro area. Hence, New York Regional Rail serves as New York's southern hub, providing rail access to the largest, most concentrated freight market in the country.

"I was quite pleased and extremely grateful when I heard that we had been approved so soon for this new designation. I think it will widen the public's ability to participate in what I think is a unique transportation and financial opportunity," Crawford said.

Since the stock's initial offering on May 30, there has been considerable interest amid news of the initiative agreed to by Gov. Pataki and Mayor Giuliani to shut-down and cap the Fresh Kills Landfill by Dec. 31, 2001.

New York Regional Rail will benefit significantly from this policy initiative as Mayor Giuliani made clear his intentions to include waste-shipment as one of the key components of the city's overall waste-management plan.

It is forecast that with these developments, NYRR will assume a key leadership position in the regional freight transportation network, and with news of this new Bulletin Board designation, it is evident that that momentum has already begun.

CONTACT: New York Regional Rail Corp., New York

Robert R. Crawford, 718/788-3690