Bill Moore Named CEO & President of L.K. Comstock & Company.

WHITE PLAINS, NY--(BUSINESS WIRE)--April 28, 1999--

C.W. (Bill) Moore has been named CEO and President of L.K. Comstock & Company, Inc. (LKC), a national electrical contractor specializing in the installation of signal, traction power and communications systems for rail transit systems. LKC is a subsidiary of RailWorks Corporation (Nasdaq: RWKS), a company comprised of rail industry service and product providers nationwide.

Mr. Moore has more than 30 years of professional experience in the engineering and construction industry. He comes to LKC from Peninsula Associates, a Danville, CA-based consulting firm he founded in 1991 to provide business strategy solutions and technical support to electrical and communications contractors. Previously, he was managing director of the Western Division of Fischbach Corporation, one of the largest electrical and mechanical contracting concerns in the U.S. Mr. Moore also served in various management positions with LKC form 1980 to 1988.

Mr. Moore is a graduate of the University of Pittsburgh with a B.S. degree in engineering technology. He has in the past been active in the Associated General Contractors, the National Electrical Contractors Association, American Arbitration Association and the American Passenger Transit Association.

Founded in 1904, L.K. Comstock is ranked by Engineering News-Record among the largest domestic specialty contractors in the field of electrical and instrumentation construction. The company performs work in the transit, data and communications, commercial, power, industrial, and manufacturing markets nationwide. Headquartered in White Plains, NY, the company maintains primary offices in New York City; Atlanta, GA; Cincinnati, OH; and Los Angeles, CA.

RailWorks is a leading nationwide provider of integrated rail system services and products. With over 37 facilities located in 21 states, RailWorks' companies are active in new construction, rehabilitation, repair and maintenance of track, signaling, communications, electrical and other track-related systems, and rail products manufacturing and supply.

Except for historical financial information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. Factors which could affect the Company's actual results include general economic conditions, competitive factors, seasonality of our business, timing and integration of future acquisitions, dependency on public sector contracts and funding, exposure to fixed price contracts, labor relations, reliance on subcontractors and suppliers, regulatory changes in the rail and transit industries, cyclical nature of the rail system industry and commercial construction, availability and terms of financing for our business, our ability to meet obligations under debt instruments, our ability to address Year 2000 issues and changes in laws that impact the way in which the Company conducts its business.