Acquisition of Specialty Insurance Provider Expands Suite of Services
LAS VEGAS, NV. , May 15, 2018 (GLOBE NEWSWIRE) -- Las Vegas Railway Express, Inc. (OTCPK: XTRN), dba United Rail Inc., owner of the X Train brand and brand licensor, today announced that it has acquired a 49% interest in Port Austin, MI – based United Shortline Insurance Services (USIS). USIS has been serving the rail industry with innovative and railroad responsive products for the past 25 years.
“We believe that the acquisition of USIS gives us a strategic partner in our strategy of acquiring short line passenger and freight operations,” said Mr. Wayne Bailey, CFO of Las Vegas Railway Express.
Since the Staggers Rail Act of 1980 and the birth of the short line railroad, USIS has remained exclusively focused on the insurance needs of the short line railroad industry.
Lou Schillinger, President of USIS and the new President of United Rail Inc., added, “Our insurance products are tailored to the short line railroad industry and its hundreds of members across the United States. This growing and ever changing industry requires a focused insurance manager that understands railroads and their unique characteristics. We are very pleased to be part of the exciting program United Rail Inc. has planned.”
About Las Vegas Railway Express
Las Vegas railway Express, Inc. is in the business of acquiring short line railroads in both the passenger operations sector as well as freight operations. The company has been active in this space for five years. It has operated the Santa Fe Southern Railway and plans to develop rail infrastructure projects and terminal operations. It also has licensed X Rail Entertainment, Inc. to use the X Train brand on its planned LA to Vegas X Train service. Revenues from the licensing are calculated at 5% of the operating revenue of X Rail's revenue derived from the deployment of the X Train brand on X Rail's operating trains.
Forward-looking Statements
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