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PROVIDENCE AND WORCESTER RAILROAD COMPANY AGREES TO LEASE DEEP WATER PORT IN PROVIDENCE

 PROVIDENCE AND WORCESTER RAILROAD COMPANY AGREES TO LEASE
 DEEP WATER PORT IN PROVIDENCE
 WORCESTER, Mass., May 14 /PRNewswire/ -- Providence and Worcester Railroad Company (NASDAQ: PWRR) ("P&W") announced today that it has entered into a lease agreement with Twin Ports, The Ports of Providence, Ltd. ("Twin Ports"), for Twin Ports' lease of P&W's deep water port facility in East Providence, R.I. The lease is intended to be an interim arrangement pending Twin Ports' acquisition of the facility. The parties had entered into an agreement on March 13, 1992, for Twin Ports' purchase of the facility. The closing was subject to certain contingencies which have not yet been satisfied. Twin Ports' obligations to complete the development of the facility as a rail-served, international port facility in accordance with plans approved jointly by Twin Ports and P&W are unchanged.
 -0- 5/14/92
 /CONTACT: Heidi J. Eddins of Providence & Worcester Railroad, 508-755-4000, ext. 365/
 (PWRR) CO: Providence and Worcester Railroad Company ST: Massachusetts; Rhode Island IN: TRN SU:


DH -- NE011 -- 0393 05/14/92 16:03 EDT
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Publication:PR Newswire
Date:May 14, 1992
Words:178
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