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MEDIA CONTACT	BRUCE HARMON
TEL.	(541) 754-7613
FAX	(541) 757-2597
FOR IMMEDIATE RELEASE	April 21, 2003

Bachinsky joins Johnstown America as financial advisor.

Johnstown, Pennsylvania, April 21, 2003 - Johnstown America Corporation (JAC) announced today that it has named Raymond L. Bachinsky as its railcar financial advisor. Bachinsky is responsible for arranging financing for newly manufactured and existing railcars in JAC's portfolio. In addition, he is also responsible for the sale of existing railcars. Bachinsky will work out of Johnstown America's office in Chicago and his office in Scottsdale, Arizona.

Ed Whalen, Johnstown America's Senior Vice President, marketing and sales, said, "Ray brings a unique and valuable mix of sales and financial talents to the JAC organization. He will be advising us regarding financing for new and existing railcars, including like kind exchanges and other forms of structured finance."

Bachinsky has more than thirty years railroad industry experience, having served in various sales positions and as president of GE Railcar Canada Ltd. More recently, he was at GE Capital Rail Services in the United States, as executive vice president of sales, then responsible for GE Rail's portfolio development.

Bachinsky and his wife Pat have two married children and two grandchildren, all of whom live in the Scottsdale area.

For over a century Johnstown America Corporation has been a leading producer of railcars in North America. Some of the car types JAC designs and builds are aluminum coal cars (it is the industry leader), flat cars, mill gondola cars, heavy haul intermodal cars, the new AVC aluminum motor vehicle carrier, and the VersaCoil™ steel coil car.

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