SOURCE: Parry Transit

December 10, 2008 13:15 ET

Parry Transit Launches as Demand Soars for Affordable, Alternative Rail

Green, Low-Carbon British Streetcars Run Free of Electric Rail, Propelled by Patented Kinetic Energy Storage System

ANN ARBOR, MI--(Marketwire - December 10, 2008) - Reflecting America's changing transportation agenda, Parry Transit (www.parrytransit.com) is launching as the exclusive U.S. provider of Parry People Mover technologies, trams, streetcars, and inter-urban light rail vehicles.

Parry Transit -- the new American unit of Parry UK -- will plan, design and deploy Parry streetcar systems for the U.S. market. A breakthrough solution for urban and city core redevelopment, Parry streetcars deliver low-cost, rapidly-deployable, ultra-light, ultra-low-carbon rail transit. Propulsion is via patented, self-contained hybrid kinetic energy, fully adaptable to all fuel sources, including hydrogen fuel cell. In addition to the innovative kinetic energy storage system, Parry Transit's low development cost, fast deployment window, ability to run without electric rail or overhead catenary, and low-carbon footprint offer advantages over other transit options.

Americans continue to ride public transportation at record levels; more than 2.8 billion trips were taken on public transportation in the third quarter of 2008, a surge of 6.5 percent over the third quarter of 2007 and the largest year-to-year increase in 25 years. Light rail had the highest increase among all modes, posting a jump of 8.5 percent in the third quarter and a cumulative year-to-date gain of more than 10 percent(1). The trend is expected to intensify as fuel prices rebound, concern for the environment and energy independence increases, and urban city center revitalization returns.

"The Parry streetcar is the green alternative many communities are seeking in their quest for low-carbon transit strategies," said Barry Seifer, Parry Transit CEO. "We're receiving validation of this perspective from all quarters, from the Obama administration to a number of states with whom we are in early discussions regarding location of headquarters, production engineering, supply chain coordination, streetcar manufacturing, and customer service and support. More imminently, we are entering negotiations on several pilot installations."

The impact of the automobile on climate change cannot be denied. Reducing vehicle miles traveled (VMT) is a critical component of the climate change solution. Cities of all sizes face urgent imperatives to reduce VMT, but rail transit initiatives often face complex planning, financing and deployment challenges that take years and even decades to overcome. Parry Transit has developed an innovative business and financing model designed to accelerate the deployment of Parry Transit systems, enabling communities to quickly address VMT goals by forming public/private partnerships that will invest in, and capture value from, the broad economic benefit that accompanies rail transit and transit-oriented sustainable development.

Transportation's tipping point has arrived, and the American transit market is undergoing a structural shift to light rail. Demand for increased mobility and more non-auto transportation options is surging, yet half of Americans have no access to public transit. President-elect Barack Obama's economic stimulus package includes major transportation infrastructure investment. Planning and feasibility studies for passenger rail transit systems are underway in nearly 100 U.S. cities, and voters approved more than 20 transportation initiatives in the November 2008 election. Voters seem to clearly recognize what is at stake; even with a historic economic downturn gripping the U.S. economy, more than half of these just-approved initiatives will raise taxes. While gas prices have dipped, their rebound and return to historic levels is certain. Auto sales have plummeted to their lowest levels in decades.

Parry Transit is ideally positioned to capture a leadership role in America's rapidly developing modern streetcar and inter-urban light rail segments. The product of 15 years of intensive R&D in the UK, Parry streetcars were recently certified to operate on British Rail lines -- a ringing endorsement from one of the world's most demanding rail networks.

Parry ultra light rail vehicles fill a fundamental gap in the worldwide transportation equation for cities and new urban TODs (transit-oriented developments). Additionally, Parry Transit will offer transit planning services in strategic partnership with the noted sustainable development consulting firm, UrbanGreen (www.UrbanGreen.net).

Parry Transit is currently exploring sites in several states for its American headquarters, component engineering, supply chain and manufacturing operations. The company is also seeking state economic development partners, capital partners and alliances.

John Parry, MBE is the founder and chairman of Parry Transit's parent company, JPM Parry & Associates, Ltd. (Parry UK), with headquarters in Cradley Heath, West Midlands, UK (www.parrypeoplemovers.com and www.parryassociates.com). Since 1973, Parry has focused on devising and deploying appropriate technology for developing nations in Africa and beyond. Parry trolleys are the culmination of his life work. The Cambridge-educated development technologist was a close friend and collaborator of Dr. E.F. Schumacher, economist, Green movement co-founder, and author of "Small is Beautiful, Economics as if People Mattered."

Note to editors: High-resolution photography of Parry streetcars is available. Please contact Dan Marengo, danielmarengo@comcast.net, with requests.

(1) American Public Transportation Association, "Transit Ridership Report, Third Quarter 2008," December 2008.