Providence and Worcester Railroad Company Confirms Certain Matters with respect to MBTA and Motive Power, Inc.
July 15 2010 - 4:05PM
Business Wire
Providence and Worcester Railroad Company ("P&W") (NASDAQ:
PWX) confirmed today that part of yesterday’s press release by MBTA
regarding P&W’s agreement with Motive Power, Inc. of Boise,
Idaho concerning its bid to supply MBTA with twenty (20) new diesel
electric locomotives for MBTA commuter rail service. In the press
release, MBTA stated that MassDOT's Board of Directors had approved
a contract with Motive Power, Inc. for the locomotives, which are
expected to be delivered between spring and fall 2013.
Under the terms of a confidentiality agreement dated September
23, 2009, P&W agreed to keep confidential P&W's role as a
potential supplier to Motive Power, Inc., among other terms. With
award of the work to Motive Power, Inc. the next step is to
finalize the terms by which P&W will complete certain services
for Motive Power, Inc., including pre-delivery inspection,
preparation and the commission of support services.
P. Scott Conti, P&W's President, said "We are excited that
the bid has been awarded to Motive Power, Inc., with which we look
forward to continuing a mutually advantageous relationship through
a unique partnership, and for the opportunity to furnish our
expertise to MBTA."
P&W is a regional freight railroad operating in the states
of Massachusetts, Rhode Island, Connecticut and New York. P&W
transports a wide variety of commodities, including automobiles,
construction aggregates, iron and steel products, chemicals,
lumber, scrap metals, plastic resins, cement, coal, ethanol,
construction and demolition debris, processed foods and edible
foodstuffs, such as frozen foods and corn syrup. By agreement with
a private operator, P&W services an approved custom-bonded
intermodal yard in Worcester, MA, primarily for the movement of
container traffic from the Far East destined for points in New
England.
This release contains “forward-looking statements” within the
meaning of section 21E of the Securities and Exchange Act of 1934,
as amended. These forward-looking statements represent the
Company’s present expectations or beliefs concerning future events.
The Company cautions that such statements are necessarily based on
certain assumptions which are subject to risks and uncertainties,
including, but not limited to, changes in general economic
condition, and changing competition which could cause actual
results to differ materially from those indicated herein. Further
information on these risk factors is included in the Company’s
filings with the Securities and Exchange Commission.
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