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CHICAGO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) announced today that it has hired Dan Wallace, who will become the Vice President and General Manager, Leasing at FreightCar America.
“We are very excited to have Dan join the FreightCar America team. Dan is a skilled transportation leasing executive with a demonstrated track record of success,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “As we continue to expand the breadth of our railcar portfolio, taking a more traditional approach to leasing will allow us to better serve customers that wish to lease instead of own railcars. Putting in place a structure and making a more concentrated effort to provide our customers with a competitive leasing option is a natural extension of our business. Dan is the perfect person to lead this for us.”
Meyer concluded, “While our core focus remains on manufacturing and selling best-in-class railcars, our leasing strategy will put us in a better position to compete for and build additional railcars, which has the opportunity to create additional value for our shareholders and business.”
Dan Wallace has over fifteen years of experience in all facets of railcar leasing. Most recently, he was the Vice President and Director of North American Rail Finance for City National Capital Finance and previously was with a private investment venture, Redwood Rail, as its Senior Vice President & Chief Financial Officer. The majority of Mr. Wallace’s career was with General Electric Railcar Services as the Senior Vice President of Structured Finance and Business Development.
About FreightCar America, Inc.
FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars through its JAIX Leasing Company subsidiary. FreightCar America designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Danville, Illinois; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.
Forward Looking Statements
This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the Shoals facility, including the facility not meeting internal assumptions or expectations and unforeseen liabilities from Navistar; the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
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Matthew S. Kohnke