Patriot Rail selected by North Carolina as the rail operator for the P&N RailRoad

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Patriot Rail, a privately-held short line and regional freight railroad holding company, today announced that it has executed a letter agreement with the North Carolina Department of Transportation (NCDOT) to provide rail service on the Piedmont & Northern (P&N) rail corridor in Gaston County, North Carolina.  The letter agreement outlines the terms and conditions under which Patriot will provide rail service on the P&N.  The transaction, subject to regulatory approval and execution of the final agreement, is expected to close within the next 45-60 days.

The P&N rail corridor, located approximately 20 miles west of Charlotte, North Carolina, is a 13-mile rail line that extends from Mount Holly to Gastonia, with a spur line towards Belmont.  It has strategic interchanges with Class I railroads Norfolk Southern Railway at Gastonia and CSX Transportation at Mount Holly.  The P&N was originally built in 1911 as an electrified interurban freight and commuter railroad by James B. Duke, founder of Duke Energy Company.

In May 2010, Patriot was unanimously selected by NCDOT from among five potential operators.  A selection committee composed of state and local officials from NCDOT and Gaston County reviewed the proposals and recommended Patriot as having the best proposal.

Under the letter agreement, Patriot will be responsible for operating, maintaining and marketing freight rail service on the P&N.  In 2009, NCDOT completed an upgrade of the westernmost four miles of the rail line from Gastonia to Ranlo, and anticipates upgrading the remainder of the line by the spring of 2011.

“Patriot Rail is pleased to have been selected by NCDOT as the rail operator for the P&N,” said Gary O. Marino, Chairman, President and CEO of Patriot Rail.  “Now that we have reached this agreement with NCDOT, we look forward to bringing in new rail customers, building the business and commencing operations.”

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