Attached files
| file | filename |
|---|---|
| 8-K - Broad Street Realty, Inc. | v180274_8k.htm |
| EX-3.1 - Broad Street Realty, Inc. | v180274_ex3-1.htm |
Exhibit
99.1
Banyan
Rail Services Inc. Completes Reverse Stock Split
Wood
Energy Adds New Tie Grinding Facility
April 7,
2010
BOCA
RATON, Fla. – (BUSINESS WIRE) – Banyan Rail Services Inc. (OTCBB: BARA), a
railroad support services company, announced that the previously approved
1-for-10 reverse stock split was completed effective today. The
reverse stock split converts 10 shares of Banyan Rail’s common stock into
1 share of common stock. To indicate the split, the Over-the-Counter
Bulletin Board will append a “D” to the Company’s trading symbol and for a
period of 20 business days the Company’s stock will trade under the symbol
“BARAD.” After 20 days, the symbol will revert to
“BARA.” The Company also said that it has completed the exchange of
$1,525,000 of convertible debentures into 15,250 shares of Series A Preferred
Stock, reducing the Company’s debt and increasing the Company’s
stockholders’ equity.
Banyan
Rail also announced that its wholly-owned subsidiary, The Wood Energy Group,
Inc. (“Wood Energy”), has completed the construction of a railroad tie grinding
facility in Shreveport, Louisiana. Wood Energy, one of the nation’s
largest railroad tie reclamation/energy generation companies, reclaims railroad
ties for Class I, regional and short line railroads and then disposes of the
ties to either the energy co-generation or landscape markets. In its
newly-completed Shreveport facility, Wood Energy is grinding reclaimed rail ties
and providing the product to International Paper (NYSE: IP), which uses the
product as a source of biomass fuel for its containerboard mill in Mansfield,
Louisiana. The new tie grinding facility increases Wood Energy’s
operating margin as this business was previously outsourced.
In
addition, Class I rail carrier Kansas City Southern Railway Company (“KCS”)
(NYSE: KSU) recently signed an agreement with Wood Energy to deliver reclaimed
railroad ties to Wood Energy’s tie grinding facility in
Shreveport. This new business increases the supply of ties for Wood
Energy’s grinding facility.
Banyan
Rail Services Inc. is a railroad support services company headquartered in Boca
Raton, Florida. The Company owns The Wood Energy Group, Inc., one of
the nation’s largest railroad tie reclamation/energy generation
companies. For more information on Banyan Rail, visit our website at:
www.banyanrail.com.
Safe
Harbor Regarding Forward-Looking Statements
Some of
the statements that we make in this press release, including statements about
our confidence in the Company’s prospects and strategies are forward-looking
statements within the meaning of §21E of the Securities Exchange Act. Some of
these forward-looking statements can be identified by words like “believe,”
“expect,” “will,” “should,” “intend,” “plan,” or similar terms; others can be
determined by context. Statements contained in this release that are not
historical facts are forward-looking statements. These statements are
necessarily estimates reflecting our best judgment based upon current
information, and involve a number of risks and uncertainties. Many factors could
affect the accuracy of these forward-looking statements, causing our actual
results to differ significantly from those anticipated in these statements. You
should not place undue reliance on our forward-looking statements, which reflect
our analysis only as of the date of this release. The risks and uncertainties
listed above and in documents that we file with the Securities and Exchange
Commission, including our annual report on Form 10-K, quarterly reports on Form
10-Q, and any current reports on Form 8-K, must be carefully considered by any
investor or potential investor in the Company.