CALGARY, May 16, 2017 /CNW/ - Canadian Pacific (TSX:
CP) (NYSE: CP) commends the Transport Minister for his commitment
to safety with today's announcement regarding proactive usage of
Locomotive Voice and Video Recorders (LVVR), also known as
inward-facing cameras.
"Minister Garneau has shown tremendous political leadership with
today's announcement on inward-facing cameras, and I thank him for
his commitment to safety," said CP's President and CEO Keith Creel. "Having the ability to use this
technology in a proactive manner will allow us to prevent incidents
and improve rail safety – further protecting the public, our
employees and the goods we transport for our customers."
According to the documents released this morning by Transport
Canada, the "Transportation Modernization Act proposes to
amend the Railway Safety Act to mandate the installation of
LVVR in locomotive cabs to further enhance the safety of the rail
transportation system in Canada,"
including allowing for federally-regulated companies "to conduct
analysis via random sampling in order to identify safety concerns
as part of ongoing safety management; to determine the cause of a
reportable accident/incident not being investigated by the TSB; and
to address a prescribed safety threat."
CP, led by Mr. Creel, has taken a leadership role in advocating
for LVVR for years, but only if the technology can be used in a
proactive way to shape behaviours and prevent accidents before they
happen.
"By implementing LVVR as a preventative, proactive,
behaviour-changing tool we will promote safe behaviours and improve
safety," Creel said. "We recognize the need to use this technology
in a way that is respectful of our employees, and are committed to
working closely with government, regulators and the unions to do
so."
Earlier this year, CP launched an awareness campaign,
www.cprailsafe.ca, that highlights the safety benefits of the
proactive use of inward-facing cameras. CP uses LVVR technology in
50 of its locomotives in the U.S. The technology is also being used
successfully by others in the U.S. with studies showing a
40-percent reduction in collisions per million miles travelled.
CP continues to review the full details of the Transportation
Modernization Act and is working closely with the Ministry of
Transport to better understand all of the details before providing
further comment.
Forward Looking Statement
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited to, proposed future legislative changes, railway and public
safety, our operations, priorities and plans, anticipated financial
performance, business prospects, planned capital expenditures,
programs and strategies. This forward-looking information also
includes, but is not limited to, statements concerning
expectations, beliefs, plans, goals, objectives, assumptions and
statements about possible future events, conditions, and results of
operations or performance. Forward-looking information may contain
statements with words or headings such as "financial expectations",
"key assumptions", "anticipate", "believe", "expect", "plan",
"will", "outlook", "should" or similar words suggesting future
outcomes.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward looking information, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of
claims and litigation; labour disputes; risks and liabilities
arising from derailments; transportation of dangerous goods; timing
of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; and various events that could disrupt operations,
including severe weather, droughts, floods, avalanches and
earthquakes as well as security threats and governmental response
to them, and technological changes. The foregoing list of factors
is not exhaustive. These and other factors are detailed from time
to time in reports filed by CP with securities regulators in
Canada and the United States. Reference should be made to
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Information" in CP's annual and interim reports on Form 10-K and
10-Q. Readers are cautioned not to place undue reliance on
forward-looking information. Forward looking information is based
on current expectations, estimates and projections and it is
possible that predictions, forecasts, projections, and other forms
of forward-looking information will not be achieved by CP. Except
as required by law, CP undertakes no obligation to update publicly
or otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to eight major ports,
including Vancouver and
Montreal, providing North American
customers a competitive rail service with access to key markets in
every corner of the globe. CP is growing with its customers,
offering a suite of freight transportation services, logistics
solutions and supply chain expertise. Visit cpr.ca to see the rail
advantages of CP.
SOURCE Canadian Pacific