FreightCar America, Inc. Announces Additions to Board of Directors

Three new members named to the board will serve as independent directors

CHICAGO, June 28, 2022 (GLOBE NEWSWIRE) — FreightCar America, Inc. (Nasdaq: RAIL) (“FreightCar America” or the “Company”) today announced the addition of three new members to its Board of Directors.

Joining the Board of Directors are Rodger L. Boehm, José De Nigris, and Travis D. Kelly. Mr. Boehm was elected as a new director at the Company’s 2022 Annual Meeting of Stockholders and Mr. De Nigris and Mr. Kelly were appointed on June 20, 2022.

William Gehl, Chairman of the Board of Directors, stated, “We are excited to welcome Rodger, José, and Travis to our Board of Directors and expand its size to eight members. These individuals bring extensive financial, capital markets, and strategic leadership experience, and will help to ensure continued strong governance at the senior level.”

Until his retirement in September 2017, Mr. Boehm spent 31 years at McKinsey & Company, Inc. where he served as a senior partner and led its Americas Operations Practice. He currently serves on the boards of Meritor and Ruggable and was formerly a board member for Home Chef. Mr. Boehm has a Bachelor’s degree in Engineering from Purdue University and a Master of Business Administration from Harvard University.

Currently, Mr. De Nigris is the Executive Vice President of Katcon Global, a global supplier of exhaust and aftertreatment solutions to the automotive industry. Mr. De Nigris has served as a board member of Katcon Global since 2000 and has concurrently held various positions since with several of its subsidiaries. Mr. De Nigris is the Director of Katcon Global, SA (Luxembourg) since 2009, the Director of Katcon Korea since 2016, and the Managing Director of Wendt Automotive GMBH (Germany) since 2018. He has a Bachelor’s degree in Economics from Instituto Tecnologico y de Estudios Superiores de Monterrey and a Master of Business Administration from Yale University.

Since December 2018, Mr. Kelly has served as the President and Chief Executive Officer of Isola Group LLC, a global material sciences company specialized in making laminate materials used to fabricate multilayer printed circuit boards. From 2007 to 2018, Mr. Kelly served as the Global Chief Operating Officer for Cerberus Capital Management, L.P. (COAC). Prior to this, Mr. Kelly served in numerous operating, financial, and strategic planning roles across several public and private capital companies. He has a Bachelor’s degree in Commerce from the University of Windsor and a Master of Business Administration from Wayne State University.

About FreightCar America

FreightCar America, Inc. is a diversified manufacturer of railroad freight cars, that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars, and coal cars, and also specializes in the conversion of railcars for repurposed use. FreightCar America is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.

Forward-Looking Statements

This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the potential financial and operational impacts of the COVID-19 pandemic; the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and other competitive factors. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.