March 11, 2004

News Release: Global Railway To Acquire Manufacturing Assets of Ohio-Based Railway Supplier, YSD Industries, Inc.

Global Railway Industries Ltd., - (GBI:TSX): Global Railway Industries Ltd., www.globalrailway.com, ('Global'or the 'Company'), a leading North American provider of railway products and service equipment announced today the Company entered into a letter of intent to acquire the manufacturing assets of YSD Industries, Inc. ('YSD'), based in Youngstown, Ohio.

Founded in 1924 as The Youngstown Steel Door Company, YSD Industries, Inc. is one of the USA's premier railcar component manufacturers generating approximately US$15 million in annual sales. YSD is one of the largest suppliers in the design and manufacture of railcar doors and sides in the USA. YSD also supplies outlet gates for hopper cars, boxcar roofs, autorack side screening and roofs, and a complete line of stamped grating products. Mike Kohut, President and CEO of Global stated: 'YSD compliments our Prime Railway Services division both geographically and in terms of product mix. Prime is based in Canada and manufactures rail car doors and replacement parts which are sold mostly to Canadian freight carriers while YSD is based in the United States and manufactures rail car doors and parts primarily for new rail cars to OEM's and US based freight carriers. Owning both YSD and Prime Railway Services moves Global closer to its stated objective of becoming a dominant supplier in the North American rail car door industry.'
Under terms of the letter of intent, Global will acquire the assets of YSD including land, buildings, machinery and equipment, patents, trademarks, engineering drawings and sales orders on hand. Global intends to pay for this acquisition from the Company's existing cash reserves.

The transaction is subject to completion of final due diligence and various regulatory approvals and is expected to close on March 23, 2004.

About Global Railway Industries: Global Railway Industries is North America's fastest growing manufacturer of railway equipment. The Company is pursuing aggressive internal growth and acquisitions of key industry manufacturers that produce and sell railways the equipment they need to run and maintain their operations efficiently. Global Railway Industries Ltd. is a public company whose shares are listed for trading on the Toronto Stock Exchange (TSX) under the symbol 'GBI'. The Company has a total of approximately 15.1 million shares fully diluted outstanding. For more information visit www.globalrailway.com or www.investorfile.com.

THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE ACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST RECENTLY FILED ANNUAL REPORT AND ANNUAL INFORMATION FORM. ACCORDINGLY, NO ASSURANCES CAN BE GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD-LOOKING STATEMENTS WILL TRANSPIRE OR OCCUR, OR IF ANY OF THEM DO SO, WHAT BENEFITS THE COMPANY WILL DERIVE THEREFROM.

For further information: Company Contact: Mike Kohut, President, Tel:(403) 262-6501, Fax: (403) 262-6563, E-mail: mkohut(at)globalrailway.com, Web:www.globalrailway.com, Investor Relations: Gerry Wimmer, INVESTORFILE.com,Tel: (416) 360-8895, Toll Free : 1-888-894-8222, E-mail :gbi(at)investorfile.com, Web: www.investorfile.com;


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