EXHIBIT 99
NEWS RELEASE
UNITED INDUSTRIAL CORPORATION
570 LEXINGTON AVENUE, NEW YORK, NY 10022
CONTACT: SUSAN FEIN ZAWEL
VICE PRESIDENT CORPORATE COMMUNICATIONS
(212) 752-8787
FOR IMMEDIATE RELEASE
RAILWORKS TERMINATES AGREEMENT TO PURCHASE UNITED INDUSTRIAL'S
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TRANSPORTATION SYSTEMS BUSINESS
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SEPTEMBER 26, 2000 -- United Industrial Corporation (NYSE: UIC) announced today
that RailWorks Corporation (Nasdaq: RWKS) has terminated the previously
announced agreement providing for the purchase by RailWorks of United
Industrial's Transportation Systems business.
The Company will continue to work with its investment banking firm, First Equity
Development, Inc., to pursue its strategic alternatives, including selling the
transportation business to other parties.
United Industrial Corporation is a company focused on the design and production
of defense, training, transportation, and energy systems. Its products include
unmanned aerial vehicles, training and simulation systems, automated aircraft
test and maintenance equipment, and ordnance systems. The Company also offers
logistical/engineering services for government-owned equipment and manufactures
ground transportation components as well as combustion equipment for biomass and
refuse fuels.
Except for the historical information contained herein, information set forth in
this news release may contain forward looking statements subject to risks and
uncertainties which could cause United Industrial's actual results or
performance to differ materially from those expressed or implied in such
statements. For additional information about United Industrial and its various
risk factors, reference is made to United Industrial's most recent Annual Report
on Form 10-K as filed with the Securities and Exchange Commission.
For more information, please visit United Industrial's web site at
www.unitedindustrial.com.
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