CAD Railway Industries Ltd. Awarded Railway Car Refurbishment Contract

Company:Global Railway Industries Ltd.
Stock Symbol: GBI
Listing: Toronto Stock Exchange
Outstanding Shares: 15.2 Million
Web Site: www.globalrailway.com

LACHINE, QC, June 24, 2011 /CNW/ - Global Railway Industries Ltd., - (GBI:TSX): Global Railway Industries Ltd., www.globalrailway.com, ("Global" or the "Company"), announced that the Company's wholly-owned subsidiary CAD Railway Industries Ltd. ("CAD") has been awarded a contract for the refurbishment of railway passenger cars by Metrolinx, an agency of the Government of Ontario.  Global previously announced CAD's bid for this large long-term transit refurbishment contract and that it had been informed it submitted the lowest price bid of the three bidders.

The contract award is subject to finalization of the terms and conditions of the contract, and meeting requisite insurance and contract security requirements.  Work will not begin under this contract until the contract documents have been fully-executed.  The Company expects the contract documents will be finalized on or before July 11, 2011.

Mr. Fausto Levy, President and CEO of Global commented, "We are extremely pleased to be selected as the winning bidder in the tender process.  We look forward to finalizing the contract documents with Metrolinx and commencing work on this project."

Forward Looking Statements:

This news release contains certain forward-looking statements about the objectives, strategies, financial conditions, results of operations and businesses of Global. Statements that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. These statements are based on the Company's current expectations about its business and the markets in which it operates, and upon various estimates and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events if known or unknown risks, trends or uncertainties affect the Company's business, or if its estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that the circumstances described in any forward-looking statement will materialize. Significant and reasonably foreseeable factors that could cause the Company's results to differ materially from its current expectations are discussed in the section entitled "Business Risks" contained in the Company's Management's Discussion and Analysis for the year ended December 31, 2010 filed by Global with the Canadian securities commissions (available on SEDAR at www.sedar.com), as updated in its most recent Management's Discussion and Analysis for the three months ended March 30, 2011. The Company disclaims any intention or obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.

About Global Railway Industries: Global Railway Industries Ltd. is a public company whose shares are listed for trading on the Toronto Stock Exchange (TSX) under the symbol "GBI".  For more information: visit www.globalrailway.com.

SOURCE Global Railway Industries Ltd.

For further information:

Company Contact: Company Contact:
Fausto Levy
President & CEO
Tel: 514-634-6224 ext. 136
E-mail: flevy@cadrail.ca
Ross Corcoran
Vice President & CFO
Tel: 514-634-6224 ext. 136
E-mail: rcorcoran@cadrail.ca

 

Profil de l'entreprise

Global Railway Industries Ltd.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.