GLOBAL RAILWAY INDUSTRIES LTD. COMPLETES ACQUISITION OF

CANADA ALLIED DIESEL CO. LTD. (CAD) AND AFFILIATED COMPANIES

Acquisition of CAD Doubles Global’s Revenue Base and Expands

the Company’s Service Offering in Growing Locomotive and Railcar Remanufacturing Markets

Investor Conference Call Thursday November 15, 2007 at 11am ET

Pittsford, NY – November 14, 2007 - 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 services, announced that the Company has completed the acquisition of substantially all of the net working capital, land, building, plant equipment and machinery, and other intangible assets of Canada Allied Diesel Co. Ltd., and its affiliated companies, CAD Railway Services Inc., Engine System Development Centre Inc., and Lachine Rail Center Inc. (“CAD” Group of Companies), located in Lachine, Quebec.

Canada Allied Diesel Co. Ltd. is a national and international seller of remanufactured locomotive engines, locomotive components and power generation units. CAD Railway Services Inc. is a national and international re- manufacturer of locomotives and rail cars. Engine System Development Centre Inc. provides locomotive emission testing and engine diagnostic services. For the fiscal year ended December 31, 2006, CAD’s revenues were approximately $32.0 million.

The purchase price for CAD’s assets was $22.0 million; including the acquisition of net working capital of $12.5 million. The Company paid $8,000,000 in cash and financed the balance of the $22,000,000 net purchase price through a newly created secured term debt facility shared by two Canadian banks.

“This is a momentous day in the history of Global”, said Terry McManaman, Chairman, President and CEO of Global. The addition of CAD to the Global group of companies is a major business milestone that will thrust Global into the elite group of integrated rail service companies in North America.”

Brian McMullan, Global’s Chief Financial Officer added, “The benefits of CAD to Global are significant. First, CAD doubles the size of the Company’s annual revenue base to over $65.0 million and is immediately positive to Global’s earnings. CAD also broadens Global’s customer base in North America and internationally, as well, it provides sales and supply synergies with Bach-Simpson and Prime Steel; Global subsidiaries who currently supply products to locomotive and railcar markets. CAD, as an integrator and assembler of rolling stock, will provide Global with an expanded platform for potential future synergistic acquisitions. CAD will also provide balance to our revenue base and operations between Canada and United States, and reduce our relative exposure to foreign exchange currency fluctuations. With CAD, Global’s product coverage becomes more equally distributed over the three major expenditure categories of the railroads; track & signal, locomotive and railcars.”

“CAD also expands Global’s penetration into the locomotive and railcar remanufacturing and parts market, a very dynamic industry as of late,” commented Bill Sturtz, COO of Global. “North American railroads and commuter systems today are beginning to make significant capital investments in the remanufacturing of their locomotive, freight and passenger railcar fleets to meet volume demands, fuel consumption efficiencies and new environment and safety standards.”

McManaman continues, “Our immediate focus is to execute our detailed integration plan and ensure a smooth transition of CAD into the Global family of companies. To achieve this goal, Global has retained the services of FTM Capital Inc., whose Chairman and Managing Partner, Mr. Fausto Levy, will act as the interim President of CAD. Mr. Levy has held management positions in Bombardier, CN Rail, AMF Technotransport and Newcourt Capital and adds senior level experience in engineering, manufacturing and finance to CAD.”

“Supporting Fausto in senior management roles, are two key individuals, Pierre Tremblay, CAD’s Vice President of Sales and Marketing, who has extensive experience in the locomotive industry and Jean-Guy Bergeron, CAD’s Vice President of Operations, who has agreed to join the new management team after more than fourteen years at CAD. We are very fortunate to attract these qualified professionals, who become the core group of CAD’s day-to-day management, “said McManaman.

Sturtz continues, “Our detailed transition plan for CAD will include adopting many of the business and operating practices that have made Global’s subsidiaries the very efficient operations they are today.”

“I sincerely thank all the people involved in closing this transaction. The Global management team looks forward to delivering to our shareholders the added value that CAD will bring to their investment in Global,” concludes McManaman.

For more information on CAD visit www.cadiesel.com and www.cadrail.ca.