FreightCar America, Inc. Increases its Commitment to Railcar Leasing

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.