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Providence and Worcester Railroad Company Announces Acquisition

WORCESTER, Mass., Sept. 17 /PRNewswire/ -- Providence and Worcester Railroad Company (Amex: PWX) and Connecticut Central Railroad Company (CCCL) announced today that they have executed a letter of intent for the acquisition by P&W of all of the outstanding stock of CCCL. CCCL is a freight railroad with current operations over approximately 17 miles of rail properties owned by the State of Connecticut in and around Middletown, Connecticut pursuant to a long term agreement with the State. CCCL also possesses freight rights on a 12 mile line extending from Cromwell, CT to Hartford, CT which is currently out of service. In 1996 CCCL handled approximately l,100 carloads of freight. CCCL connects with P&W's rail system in Wallingford, Connecticut and also operates on a P&W line between Wallingford and New Haven, Connecticut.

Orville R. Harrold, President of P&W, said "The acquisition of Connecticut Central Railroad is a strategic transaction for P&W and is in keeping with the Company's policy of pursuing growth opportunities with connecting lines."

A spokesperson from CCCL, said, "The transaction represents confidence in the operations of Connecticut Central."

The financial terms of the transaction have not been disclosed.

P&W is a regional freight railroad operating over 520 miles in Massachusetts, Rhode Island, Connecticut and New York. In 1996, P&W handled 27,200 carloads and 39,700 intermodal containers.

The transaction is contingent upon the approval of a definitive purchase agreement by the Board of Directors of P&W and CCCL and approval of the United States Surface Transportation Board.

SOURCE Providence and Worcester Railroad Company
 -0- 09/17/97

/CONTACT: Heidi J. Eddins of Providence and Worcester Railroad Company, 508-755-4000, ext. 365/


CO: Providence and Worcester Railroad Company; Connecticut Central Railroad

Company ST: Rhode Island, Massachusetts, Connecticut, New York IN: TRN SU: TNM

KR-VV -- NEW037 -- 7934 09/17/97 16:37 EDT
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Publication:PR Newswire
Date:Sep 17, 1997
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