SOURCE: Patriot Rail Corporation

January 10, 2011 10:25 ET

Patriot Rail Announces Management Additions and Promotions

BOCA RATON, FL--(Marketwire - January 10, 2011) - Patriot Rail Corp. ("Patriot"), a privately-held short line and regional freight railroad holding company, today announced the following additions to its staff and certain employee promotions.

Martin H. Smith has been added to Patriot's management team as Vice President - Human Resources. Smith has over 30 years of experience in the human resources area, including employee communications and development, succession planning and labor relations. At Patriot, he will oversee the Company's human resource functions, as well as assist in the integration of the 88 employees of the Weyerhaeuser railroads. Smith was most recently with Sandoz Pharmaceuticals as Site Human Resources Director. Prior to that, he was with IVAX/Teva Pharmaceuticals and Ryder System, Inc. in Miami, Florida. Smith holds a B.A. in Human Resource Management from the University of South Florida.

Lawrence Rutstein has been promoted to Senior Vice President - Special Projects & Administration. Rutstein, who has over 40 years of legal and business experience, joined Patriot in January 2007. Prior to joining Patriot, he was involved in a number of public and private ventures in South Florida as a lawyer, executive and entrepreneur. Rutstein began his career in Philadelphia in 1968 as a securities and corporate banking attorney. He also served as Assistant Attorney General and Chief Counsel to the Pennsylvania Department of Banking and was the Managing Partner of Bluestein, Rutstein & Mirarchi, a Philadelphia-based corporate law firm. Rutstein earned his undergraduate degree from the University of Massachusetts and Juris Doctorate from Harvard Law School.

Wayne August has been promoted to Vice President - Corporate Development. August has over 18 years of experience in the railroad industry in the finance, merger & acquisition (M&A), investor relations and corporate communications areas. He joined Patriot in 2007 and has led its M&A and corporate communications efforts. Prior to Patriot, he was at short line railroad operator RailAmerica for nine years and Class I railroad CSX for five years. August holds a B.S. in Engineering from the University of Florida and an M.B.A. in Finance from Duke University's Fuqua School of Business.

Joyce Belfour has been promoted to Vice President & Corporate Controller. Belfour, who has over 25 years of private and public accounting experience, joined Patriot in May 2007 as Corporate Controller. Since joining Patriot she has been involved in the development of the accounting infrastructure during the growth of the Company, and most recently preparing for the financial integration of the Weyerhaeuser railroads. Prior to joining Patriot, Belfour was with the Florida regional division of Fox Sports Net as Director of Business Planning & Administration. Belfour, a Certified Public Accountant, has a BBA in Accounting from Adelphi University.

Jim DiJoseph joins the Company as Director of Information Technology. DiJoseph has over 16 years of IT experience, including 13 years managing cross-functional teams on technology projects, operations, ERP systems, and infrastructure. Most recently he spent nine years with short line railroad operator RailAmerica. DiJoseph has a B.S. degree from the University of Notre Dame and M.B.A. from the University of Phoenix.

Brian Corridon joins the Company as Assistant Controller. Corridon joins Patriot after 7 years at building services contractor Crestwood Services, Inc., where he was Controller. He has over 24 years of experience with various financial and accounting reporting systems, tax management and risk management. At Patriot he will be responsible for overseeing the daily accounting functions and assisting with special projects. Corridon is a graduate of Adelphi University with a Bachelor of Accounting and Business Administration degree.

"We are pleased to welcome Martin, Jim and Brian to Patriot and congratulate Larry, Wayne and Joyce on their promotions," said Gary O. Marino, Chairman, President & CEO of Patriot Rail. "We continue to successfully navigate and grow our company through these tough economic times. These employees will provide the expertise needed to continue this growth, especially in light of our recently completed Weyerhaeuser transaction which substantially increased the size of our organization."

Patriot Rail Corp. is a short line and regional freight railroad holding company based in Boca Raton, Florida. The Company owns and operates thirteen short line freight railroads comprising over 500 total rail miles in 12 states. For more information on Patriot Rail Corp. visit us at www.patriotrail.com.

Contact Information

  • Contact:
    Wayne August
    (561) 443-5300