Genesee & Wyoming Inc. (GWI) (Nasdaq:GNWR) announced today that it has
completed the acquisition of Emons Transportation Group, Inc. (Emons)
(Nasdaq:EMON) for $18.5 million in cash and the assumption by GWI of
approximately $9.7 million of debt, net of cash. The cash payment was to
purchase the outstanding shares of Emons at $2.50 per share and was
funded using a portion of the proceeds from GWI's recent public offering
of common stock. With the addition of 332 track miles from Emons in New
England, Quebec and Pennsylvania, GWI now operates over more than 8,000
miles of owned and leased track worldwide.
GWI is a leading operator of short line and regional freight railroads
in the United States, Canada, Mexico, Australia and Bolivia, and
provides freight car switching and related services to industrial
companies that have extensive railroad facilities within their
complexes. The Company operates in five countries on three continents
over more than 8,000 miles of owned and leased track. It also operates
over an additional 2,700 miles under track access arrangements.
Web site: http: //www.gwrr.com
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding Genesee &
Wyoming's business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of
such risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the most
recently ended fiscal year.
Genesee & Wyoming Inc.
John C. Hellmann, +1-203-629-3722
Chief Financial Officer