BOCA RATON, Fla.–(BUSINESS WIRE)– Banyan Rail Services Inc. (OTCBB:BARA.OB – News), announced today that Jon D. Ryan has been named President of its wholly-owned subsidiary, The Wood Energy Group, Inc. (“Wood Energy”).
Ryan, who also serves as Banyan Rail’s Chief Financial Officer, has over 14 years of major accounting firm experience, including as a Senior Assurance Manager at both Ernst & Young in Fort Lauderdale, Florida, and Smoak, Davis & Nixon LLP in Jacksonville, Florida. Most recently he was Corporate Controller at the The Gazit Group, USA, a subsidiary of Gazit-Globe, one of the world’s leading multi-national real estate development and management companies. Ryan, a CPA, holds a Bachelor of Business Administration from the University of North Florida. He succeeds Greg Smith, who resigned from Wood Energy to pursue other interests.
“The appointment of Jon, combined with Wood Energy’s solid base of business, provides a tremendous platform from which to grow the company over the next several years,” said Donald D. Redfearn, President of Banyan Rail Services. “Jon was instrumental in completing Wood Energy’s recent move to a larger, more efficient tie processing site in Gibsland, Louisiana. In addition, as a result of long-term service agreements, the company is investing in new tie processing equipment that will streamline operations, reduce costs and position the company to handle increased business.”
Wood Energy is one of the nation’s largest railroad tie reclamation and disposal companies. The company provides railroad tie pickup, reclamation and disposal services to the rail industry; relay ties for track maintenance; landscape railroad ties for landscape professionals and end users; and railroad tie derived fuel for qualified customers.
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 and disposal companies. For more information on Banyan Rail Services visit us 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.
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