Mr. Tom Kusumoto reports

GLOBAL RAILWAY INDUSTRIES LTD. ANNOUNCES APPOINTMENTS OF CEO AND CFO

Global Railway Industries Ltd. has made the following changes to its executive management, effective today.

Tom Kusumoto, a recently appointed director of the company, has been appointed chief executive officer, president and chairman of the company. Mr. Kusumoto's appointment was made upon the company's acceptance of Fausto Levy's resignation as acting president and chief executive officer of the company.

Christine McPhie has been appointed chief financial officer of the company. Ms. McPhie's appointment was made upon the company's acceptance of Ross Corcoran's resignation as vice-president, chief financial officer and secretary of the company.