IGSM Group, Inc., has repositioned itself within the railroad industry as a publicly-held shortline and regional railroad holding company. As part of the shareholder-approved plan, IGSM has filed to change its name to Continental Rail Corp. (CRC).
Under the new name, CRC plans to grow shareholder value by selectively investing in shortline and regional freight railroad properties and railroad rolling stock. CRC’s goal will be to provide customers with exceptional customer service through reliable, safe and efficient rail operations.
CRC’s newly-named management and board includes railroad executives with extensive track records and more than a century of collective railroad industry experience. The management team includes: John Marino, Jr., chief executive officer; Wayne August, president and Tim Hart, chief financial officer. CRC’s Board of Directors includes the officers above, as well as Neil Swartz, chairman and John Marino, Sr., vice chairman.
“We are very excited about repositioning IGSM within the fast-growing shortline and regional railroad industry,” said Swartz. “We have put together a solid management team that has been involved in the ownership or management of more than 75 railroads and rail service companies worldwide. More importantly, this team has a strong track record of completing accretive rail acquisitions and delivering high multiples of invested capital for shareholders.”
In addition, IGSM acquired Transportation Management Services, Inc., a shortline and regional railroad consulting company. TMS is a Michigan-based firm established in 1983 by John Marino, Sr., and now owned my John Mariano, Jr., that focuses on consulting for the shortline and rail freight transportation industry.