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Pan Am Railways and Norfolk Southern Create the Patriot Corridor


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#1 CNJRoss

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Posted 16 May 2008 - 02:54 PM

NS/Pan Am Railways joint press release:

May 15, 2008

Pan Am Railways and Norfolk Southern Create the Patriot Corridor to Improve Rail Service and Expand Capacity in New York and New England

NORTH BILLERICA, MASS., NORFOLK, VA. -- Pan Am Railways (PAR) and Norfolk Southern Railway Company (NS) have agreed to create an improved rail route between Albany, N.Y., and the greater Boston, Mass., area called the "Patriot Corridor." Investments in the Patriot Corridor are expected to improve track quality and customer service, boost train speed and reliability, and increase capacity on the route. PAR and NS each will have a 50 percent interest in the newly formed railroad company, called "Pan Am Southern."

PAR has agreed to transfer to the joint venture its 155-mile main line track that runs between Mechanicville (Albany), N.Y., and Ayer, Mass., along with 281 miles of secondary and branch lines, including trackage rights, in Connecticut, Massachusetts, New Hampshire, New York, and Vermont. NS has agreed to transfer cash and other property valued at $140 million to the joint venture, $87.5 million of which is expected to be invested within a three-year period in capital improvements on the Patriot Corridor, such as terminal expansions, track and signal upgrades. The companies also anticipate the construction of new intermodal and automotive terminals in the Albany area. PAR’s Springfield Terminal Railway subsidiary has agreed to provide all railroad services for the joint venture.

"We are excited to partner with Norfolk Southern on the Patriot Corridor. Since the Conrail transaction was implemented in 1999, both Pan Am Railways and Norfolk Southern have been working to bring additional high quality rail transportation options to our New England customer base. This joint venture is the culmination of those efforts," said David Fink, Pan Am Railways’ president. "With energy prices continuing to rise, the Patriot Corridor will give our customers additional capacity and speed to get their products to market."

"Norfolk Southern has been working with Pan Am Railways to improve rail service and increase transportation options between the Norfolk Southern system and the Boston area," said Wick Moorman, Norfolk Southern’s chief executive officer. "The Patriot Corridor creates a new level of rail competition in upstate New York and New England by improving train speed, reliability, and capacity, as well as strengthening connections between the region’s short line and regional railroads and Norfolk Southern’s 22-state network."

The parties will seek approval for the transaction with the U.S. Surface Transportation Board. Additional materials describing the transaction will be posted on Norfolk Southern’s Web site, www.nscorp.com, and will be furnished to the SEC as part of a Current Report on Form 8-K.

Norfolk Southern is currently improving the Heartland Corridor, a high-capacity rail route linking the Port of Virginia (Norfolk), Columbus, Ohio, and Chicago, and has announced the Crescent Corridor, an initiative to divert freight traffic from highways to rail between New Orleans, Memphis, and the Northeast.

Pan Am Railways is the Northeast’s largest regional railroad. It operates over 2,000 route miles in Maine, New Hampshire, Massachusetts, Vermont, Connecticut, New York and Atlantic Canada. Pan Am Railways interchanges traffic with fifteen railroads throughout its network.

Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,000 route miles in 22 states and the District of Columbia, serving every major container port in the eastern United States and providing superior connections to western rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is North America’s largest rail carrier of metals and automotive products.

Any statements contained in this news release which are not related to historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (noted in Norfolk Southern’s filings with the SEC) which could cause actual results to differ.

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#2 CNJRoss

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Posted 27 June 2008 - 02:06 PM

ProgressiveRailroading.com, 6/27:

Proposal by NS, Pan Am Railways to co-own new railroad a minor transaction, STB says

Yesterday, the Surface Transportation Board (STB) ruled Norfolk Southern Railway's and Pan Am Railways' (PAR) application to jointly own a new railroad as part of their Patriot Corridor plan will be accepted as a minor transaction, meaning the application will require less scrutiny.

The STB also released a procedural schedule for the application. . . .

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#3 CNJRoss

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Posted 30 June 2008 - 04:18 PM

Pan Am Clipper Special Edition, May 2008:

Patriot Corridor

#4 CNJRoss

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Posted 11 March 2009 - 02:35 PM

Dow Jones Newswires via CNNMoney.com, 3/10:

US Board Approves Joint Ownership Of Pan Am Southern LLC

The Surface Transportation Board Tuesday an agreement among various railroads to jointly own and operate Pan Am Southern LLC, a new railroad carrier that will operate about 437 miles of track in the northeastern U.S.

The new company will be owned jointly by the Norfolk Southern Railway Co., Pan Am Railways Inc. and two Pan Am Railways rail subsidiaries, the Boston and Maine Corp. and the Springfield Terminal Railway Co.

The new company will operate an east-west section called the Patriot Corridor between points in New York and Massachusetts and a north-south section between Vermont and Connecticut, the board said in a statement.

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#5 CNJRoss

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Posted 11 March 2009 - 02:39 PM

Pan Am Railways/Norfolk Southern joint press release:

March 11, 2009

Pan Am Railways and Norfolk Southern Receive Approval to Improve Rail Service in New York and New England

NORTH BILLERICA, MASS., NORFOLK, VA. – Pan Am Railways (PAR) and Norfolk Southern Railway Company (NS) have received governmental approvals for their proposed Pan Am Southern joint venture, clearing the way for more than $87 million in rail infrastructure investment designed to significantly enhance the service capabilities and commercial offerings that NS and PAR provide in upstate New York and New England. The U.S. Surface Transportation Board’s approval of the joint venture will become effective as of 12:01 a.m. (EDT), April 9, 2009. Pan Am Southern is expected to commence operation on or about May 1, 2009.

On May 15, 2008, PAR and NS announced an agreement to improve freight rail service and increase track and yard capacity in upstate New York and New England through a newly formed railroad company, Pan Am Southern. The focus of Pan Am Southern is the Patriot Corridor, the 155-mile main line track that runs between Mechanicville (Albany), N.Y., and Ayer, Mass. (approximately 30 miles west of Boston). PAR will transfer to the joint venture this trackage, along with 281 miles of secondary and branch lines, including trackage rights, in Connecticut, Massachusetts, New Hampshire, New York, and Vermont. NS will transfer cash and other property valued at $137.5 million to the joint venture, $87.5 million of which will be invested within a three-year period in capital improvements on the Patriot Corridor. Included in this investment is a new intermodal and automotive terminal in Saratoga County, N.Y., a new automotive terminal in Ayer, expansion of the existing intermodal terminal in Ayer, as well as track and signal upgrades on the Patriot Corridor. These improvements will be implemented as expeditiously as possible, and will comply with certain conditions imposed as part of the Federal regulatory approval process.

“Pan Am Southern will bring immediate benefits to shippers doing business in upstate New York and New England,” said David Fink, Pan Am Railways’ president. “The Patriot Corridor will revitalize freight rail in the region, reducing highway congestion and improving air quality.”

“Both NS and PAR are ready to begin making the infrastructure improvements,” said Wick Moorman, Norfolk Southern’s chief executive officer. “These improvements will enable us to deliver the speed and reliability that our customers expect and deserve. We commend the STB for recognizing the numerous benefits the Pan Am Southern joint venture creates for shippers doing business in New York’s Capitol Region and throughout New England.”

A Pan Am Southern map can be found at http://www.nscorp.co...am-southern.pdf.

Pan Am Railways is the Northeast’s largest regional railroad. It operates over 2,000 route miles in Maine, New Hampshire, Massachusetts, Vermont, Connecticut, New York and Atlantic Canada. Pan Am Railways interchanges traffic with fifteen railroads throughout its network.

Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,000 route miles in 22 states and the District of Columbia, serving every major container port in the eastern United States and providing superior connections to western rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is North America’s largest rail carrier of metals and automotive products.

Any statements contained in this news release which are not related to historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (noted in Norfolk Southern’s filings with the SEC) which could cause actual results to differ.




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