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International Railway Systems Appoints Juergen Von Schwerin Chief Executive Officer

LUXEMBURG, September 20 /PRNewswire/ --

International Railway Systems ("IRS"), the European leader in freight wagon manufacturing, today announced that Juergen von Schwerin, 51, has been appointed Chief Executive Officer. Mr. von Schwerin will assume his position immediately and oversee all three divisions (rail manufacturing, transport fleet management and marine) of the IRS Group, with expected revenue of euro 350 million in 2007 (euro 95 million in 2006).

Cristian Burci, President of IRS, said: "I am pleased to welcome Juergen to the IRS management team. He is a proven executive with an impressive track record and strong business acumen. Juergen's leadership skills will be a valuable asset as we continue to build on our position as the largest freight wagon manufacturer in Europe."

Juergen von Schwerin commented, "IRS is an innovator and leader in its market. With assets across Europe, IRS is well positioned to capitalize on the rapidly expanding economies of the region and is actively pursuing a number of growth opportunities to expand its business. I look forward to working with the IRS management team as we execute on our growth initiatives and strategic plan."

Since November 2001, Mr. von Schwerin has served as Chief Financial Officer and Senior Vice President of SBS Broadcasting Group where he was part of the management team that built SBS into one of Europe's largest broadcasting companies. While at SBS, he oversaw the acquisition of the company by KKR and Permira for euro 2.1 billion in 2005 and its recent sale to ProSiebenSat.1 Media AG for euro 3.3 billion. From 1992 to 2001, Mr. von Schwerin served as Financial Director for MGM Media Gruppe Munich and held several management positions at ProSiebenSat.1 in Germany. From 1986 to 1992, while at Deutsche Bank, Mr, von Schwerin occupied various positions including Financial Analyst of Corporate Finance and Vice President of Project Finance in Germany and Australia.

International Railway Systems (IRS), headquartered in Luxemburg, is Europe's largest freight railway wagons manufacturer and a leading producer of bogie and forged parts for the railway industry. The company operates three divisions which consist of six main business units: Rail Manufacturing (Astra Vagoane Arad S.A., Meva S.A. Turnu Severin, Romvag Caracal S.A. -- rail car production and MSV Metal Studenka S.A. -- forged parts manufacturer), Transport Fleet Management (Servtrans Invest S - railway transport) and Marine (SEVERNAV - shipyard).

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