IGSM Repositions Company Within the Short Line Railroad Industry; Changes Name to Continental Rail Corp. and Announces Revers...
July 31 2013 - 9:52AM
Marketwired
IGSM Group, Inc. (OTC Pink: IGSM) today announced that it has
repositioned the company within the railroad industry as a
publically-held short line and regional railroad holding company.
As part of the shareholder-approved plan, IGSM has filed to change
its name to Continental Rail Corp. ("CRC"). Under the new name, CRC
plans to grow shareholder value by selectively investing in short
line and regional freight railroad properties and railroad rolling
stock. CRC's goal will be to provide customers with exceptional
customer service through reliable, safe and efficient rail
operations.
CRC's newly named management and board includes top railroad
executives with extensive track records and over a century of
collective railroad industry experience. The management team
includes: John Marino, Jr. - Chief Executive Officer; Wayne A.
August - President; and Tim Hart - Chief Financial Officer. CRC's
Board of Directors includes the officers above as well as Neil
Swartz - Chairman and John Marino, Sr. - Vice Chairman.
John Marino, Jr. was formerly the Director of Real Estate at
Patriot Rail Corp. While at Patriot he managed and developed
railroad real estate, which included industrial development as well
as rights-of-way management of all easements and encroachments.
Prior to Patriot, Mr. Marino was the manager of commercial real
estate projects for a privately owned real estate firm, developing
over ten million square feet of hotel, industrial and residential
development properties throughout the Washington D.C. metro area.
Mr. Marino holds a B.S. degree in International Business from
American University in Washington D.C. He is also involved in many
charities in Washington DC as well as the South Florida area.
A 22-year veteran of the rail industry, Wayne A. August is an
accomplished executive who has successfully completed several
M&A transactions during his career. Most recently, Mr. August
was with Patriot Rail Corp., a leading short line holding company,
for six years as Vice President of Corporate Development. While at
Patriot he was responsible for the company's M&A efforts, where
he was successful in consummating and integrating several rail
acquisitions. Prior to Patriot, Mr. August was with short line
holding company RailAmerica for 10 years, where he led the M&A,
Financial Planning and Investor Relations departments. Prior to
RailAmerica, he served with Class I railroad CSX Corp. for six
years in the financial planning and investor relations areas. Mr.
August started his rail career as a management trainee with CSX in
1991. Mr. August holds an MBA in Finance from Duke University's
Fuqua School of Business and a B.S. in Materials Science
Engineering from the University of Florida.
Tim Hart has over thirty years of accounting and finance
experience, including 10 years with KPMG, one the world's largest
international public accounting firms. Mr. Hart formed his private
accounting firm in 1989. His firm consulted extensively with the
RailAmerica IPO and assisted with governmental compliance. His firm
also provided consulting, strategic tax planning & compliance,
and acquisition audits for Patriot Rail. He has wide-ranging
experience dealing with SEC and other regulatory matters, such as
initial and secondary public offerings, private placements and
compliance with SEC reporting requirements (Forms 10-K, 10-Q and
8-K). Mr. Hart has worked with banks, private investors and
investment bankers in obtaining debt and/or equity financing. He
also has significant experience with mergers and acquisitions,
including transactional documentation. Mr. Hart holds B.A.'s in
Accountancy, Economics and Business Administration from Thomas More
College, and has been a certified public accountant since 1984.
"We are very excited about repositioning IGSM within the
fast-growing short line and regional railroad industry," said Neil
Swartz, CRC Chairman. "We have put together a solid management team
that has been involved in the ownership or management of over 75
railroads and rail service companies worldwide. More importantly,
this team has a strong track record of completing accretive rail
acquisitions and delivering high multiples of invested capital for
shareholders."
TBG Holdings Corp., a Ft. Lauderdale-based financial consulting
firm that works with public and private companies, facilitated the
repositioning of the company.
In addition, IGSM announced the acquisition of Transportation
Management Services, Inc. ("TMS"), a short line and regional
railroad consulting company. TMS is a Michigan based firm
established in 1983 by John H. Marino, Sr. that focuses on
consulting for the short line and rail freight transportation
industry. TMS established key development deals and successful
short line railroads in Michigan, Wisconsin, Pennsylvania and
Maryland. TMS was later sold to John Marino Jr., who continued to
grow and manage the business. Mr. Marino, Jr. will remain as
President of TMS.
IGSM also announced that its board of directors, subject to
FINRA approval, approved a 1 for 200 share reverse stock split. The
record date for the reverse stock split will be set by the board of
directors. Shareholders otherwise entitled to fractional shares as
a result of the reverse stock split will be rounded up to a whole
share in lieu of those fractional shares. Shareholders whose stock
is held in brokerage accounts will receive the update
automatically.
Safe Harbor Statement The statements in
this press release that relate to Continental Rail Corp.'s (CRC or
the Company) expectations with regard to the future impact on the
Company's results are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The
results anticipated by any or all of these forward-looking
statements may not occur. The Company undertakes no obligation to
publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events or changes in the Company's plans or
expectations.
Contact: IGSM Group, Inc. Investor Relations 954-440-4678
info@continentalrailcorp.com Website: ContinentalRailCorp.com
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