On Jan. 6, B.H.I.T., Inc. (OTCBB:BHIT), a publicly traded company headquartered in Boca Raton, Florida, announced that it had changed its name to Banyan Rail Services Inc. to better reflect its plan to grow through the acquisition of rail-related service companies. Banyan Rail already owns The Wood Energy Group, Inc., a railroad tie reclamation/energy generation company, which it acquired in September 2009.
The company also announced the appointment of Donald D. Redfearn as a director of Banyan Rail Services Inc., effective January 4, 2010. This increases the number of directors of the company from four to five. Redfearn served as executive vice president of RailAmerica, Inc. from 1989 to 2004, and as president from 2004 to 2007; he also served as a director of RailAmerica from its beginning in 1986 through 2007. Redfearn is currently the owner of Redfearn Enterprises, LLC, a real estate holding company.
Gary O. Marino, Chairman, president and CEO of Banyan Rail Services Inc., said, "We are pleased to have Don join our board. His past experience in the short line and regional railroad industry will prove invaluable in helping to guide Banyan Rail as we pursue rail-related business opportunities. In addition, our Company's new name reflects our intent to grow shareholder value by investing in railroad support service companies that create economies of scale."
The company said it will be assigned a new trading symbol for its common stock by the Over-the-Counter Bulletin Board ("OTCBB") within the next few weeks. Until then, the Company's stock will continue to trade under its current symbol, "BHIT."