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RAILAMERICA NAMES TWO NEW DIRECTORS
Additional Management Appointments Announced
Boca Raton, FL--August 2, 1996-- RailAmerica, Inc. (Nasdaq: Rail) announced the election of Robert F. Toia and Douglas R. Nichols to its Board of Directors. This brings the total number of Board members to eight. In addition, the Company announced a number of other management appointments and promotions.
Mr. Toia, 67, has been involved in the transportation industry for almost 40 years, most recently as President of the Brandywine Valley Railroad, the Upper Merion and Plymouth Railroad, and the Central Florida Railroad. Prior to that, he was the general manager of the Rail Division of Lukens, Inc. where he spent more than 30 years in various domestic and international transportation railroad activities. Mr. Toia and his family reside in Sanford, North Carolina.
Mr. Nichols, 44, is a certified public accountant and is President and a principal shareholder of the investment banking firm of First London Securities, Inc., Dallas, Texas, which he founded in 1991. Prior to that he was an investment banker with Smith Barney, and Shearson Lehman. Mr. Nichols and his family reside in Dallas, Texas.
RailAmerica also announced several management appointments and promotions.
Mr. Gary O. Marino, currently Chairman and Chief Executive Officer, was elected to the additional position of President. John H. Marino was elected to the position of Vice Chairman of the Board and Senior Transportation Officer, and Lawrence D. Sugar was appointed to the position of Director of Acquisitions. W. Graham Claytor was appointed to the position of Senior Vice President/Rail Group, and Robert Coward, currently
General Manager of RailAmerica's subsidiary, Kalyn/Siebert, Inc. was promoted to the position of Senior Vice President/Manufacturing Group. The Company also announced that all corporate functions will now be coordinated out of the Company's Boca Raton, Florida headquarters office.
In announcing these matters, Gary O. Marino stated, "The election of Robert Toia and Douglas Nichols to our Board of Directors brings significant additional depth and expertise to our Company. Their counsel will enable RailAmerica to expand its activities in the transportation industry so that we can further enhance shareholder value. Our new management appointments and promotions are well-deserved. The past accomplishments of these individuals is evident in RailAmerica's recent achievements. Our current organization is now poised to carry out the ambitious corporate business objectives that we have established for ourselves."
RailAmerica, Inc. is a diversified, publicly-held, multi-modal transportation company with two business groups-- (1) transportation and distribution, and (2) manufacturing and financial services. The Company owns and develops short-line and regional freight railroads and operates seven railroads with approximately 500 miles of rail lines in Indiana, Michigan, Minnesota, Tennessee, Pennsylvania, Delaware and Texas. The Company also owns a third party logistics management services company, an intermodal services company, a transportation equipment and finance company, and a specialty regional motor carrier based in Sault Ste. Marie, Ontario, Canada. Also, through its subsidiary, Kalyn/Siebert, Inc., the Company manufactures a broad line of heavy duty specialty truck trailers marketed throughout the U.S., Mexico and Canada.