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PROVIDENCE AND WORCESTER RAILROAD CANCELS TWIN PORTS AGREEMENTS

 PROVIDENCE AND WORCESTER RAILROAD CANCELS TWIN PORTS AGREEMENTS
 WORCESTER, Mass., Aug. 10 /PRNewswire/ -- Providence and Worcester Railroad Company (NASDAQ-NMS: PWRR) announced today that it has terminated agreements with Twin Ports, The Ports of Providence, Ltd., for the lease, sale and development of the company's East Providence port facility.
 The company had entered into an agreement to sell its deep-water port facility in East Providence, R.I., to Twin Ports on March 13, 1992.
 On May 14, 1992, the parties entered into a lease agreement that was intended to be an interim agreement. The agreements obligated Twin Ports to complete the port development project as a rail-served international port facility pursuant to plans jointly approved by P&W and Twin Ports.
 The company stated that the reason for the termination was Twin Ports' failure to perform certain of its obligations under the agreements. Twin Ports and the company have filed litigation against each other with respect to the issue of termination and other matters.
 The company continues to be committed to the completion of the project. It will pursue arrangements with other investors, partners and users for the completion of the project.
 -0- 8/10/92
 /CONTACT: Heidi J. Eddins of Providence and Worcester Railroad, 508-755-4000, ext. 365/
 (PWRR) CO: Providence and Worcester Railroad Company ST: Massachusetts, Rhode Island IN: TRN SU:


CN -- NE013 -- 8581 08/10/92 14:30 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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