BANYAN RAIL SERVICES INC.

BANYAN RAIL SERVICES INC.

Previous company name
B.H.I.T. INC.
Name change date
1/4/2010
Company Overview
B.H.I.T. Inc. is a publicly held company listed on the NASDAQ OTC Bulletin Board which does not have any significant operations and derives its revenues from its cash investment portfolio. The company was formerly known as Hotel Investment Fund and was renamed as B.H.I.T. Inc. in 1998. The company was organized in 1985 to invest in mortgage loans principally to entities affiliated with VMS Realty Partners. The registered headquarters of the company is located in Brecksville, Ohio.
The company’s operations relate primarily to servicing its cash investment portfolio and seeking profitable investments such as mortgage loans for its available funds. In September of 2000, the company was acquired by Summa Holdings, Inc. (formerly known as Arrowhead Holdings Corporation), an investment advisor which specializes in managing international investment portfolios.
Business Summary
Banyan Rail Services Inc. is engaged in the business of railroad tie reclamation and disposal. On September 4, 2009, the Company completed the acquisition of The Wood Energy Group, Inc., which is engaged in the business of railroad tie reclamation and disposal. The Company is focusing its efforts on railroad track construction, repair and maintenance businesses, but may explore potential acquisitions in other industries as well. Its services include picking up scrap railroad ties for Class I railroads and disposing of the ties by selling them to the landscape tie market or having the ties ground to create chipped wood for sale as biomass fuel to the co-generation market. During the year ended December 31, 2009, it picked up over 1,030,000 railroad ties, 73% of which were used by the co-generation market, 22% for the landscape market and 5% went to landfill.
Description and history
Banyan Rail Services Inc. is engaged in the business of railroad tie reclamation and disposal. On September 4, 2009, the Company completed the acquisition of The Wood Energy Group, Inc., which is engaged in the business of railroad tie reclamation and disposal. The Company is focusing its efforts on railroad track construction, repair and maintenance businesses, but may explore potential acquisitions in other industries as well. Its services include picking up scrap railroad ties for Class I railroads and disposing of the ties by selling them to the landscape tie market or having the ties ground to create chipped wood for sale as biomass fuel to the co-generation market. During the year ended December 31, 2009, it picked up over 1,030,000 railroad ties, 73% of which were used by the co-generation market, 22% for the landscape market and 5% went to landfill.

The Company’s revenues are derived from railroad Tie Pick-Up, where the Company charges Class I railroads for picking up and recovering spent railroad ties from their tracks; railroad Tie Disposal, where the Company sells scrap railroad ties for grinding as a biomass fuel source; landscape ties, where the Company sells reclaimed railroad ties to wholesale landscape companies, and wood products, which includes processing wood products for co-generation markets as biomass fuel.

The Company competes with Wood Waste Energy, Shade Railroad Services and Recycle Technologies International, Inc.

Formerly known as Hotel Investment Fund and was renamed as B.H.I.T. Inc. In 1998; Organized to invest in mortgage loans principally to entities affiliated with VMS Realty Partners

Business Line
Does not have any significant operations and derives its revenues from its cash investment portfolio
Subsidiary
WOOD ENERGY GROUP, INC., THE
Advisor
GRANT THORNTON LLP
IPO date

US SIC Code
2499
Company Address
342-W
2255, Glades Road
City province or state postal code
33431, BOCA RATON, FL
Phone: +1 561 997 7775
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.banyanrail.com