CALGARY, AB, Aug. 6, 2020 /PRNewswire/ - Canadian Pacific
(TSX: CP) (NYSE: CP) reaffirmed its commitment to grow traffic at
the Port of Saint John and
stimulate economic growth and investment in New Brunswick at a meeting with Premier
Blaine Higgs today.
With its purchase of the Central
Maine & Quebec Railway, CP makes its return to
Atlantic Canada with an
exceptional growth opportunity. This expansion of CP's network more
directly and efficiently connects Atlantic Canada to Montreal, Toronto and the U.S. Midwest (Chicago, Minneapolis, Kansas City), creating a
competitive transportation service that will support economic
growth in New Brunswick and
throughout Atlantic Canada.
"The opportunities created by our return to the region are
generational," said Keith Creel, CP
President and Chief Executive Officer. "We are excited about
working with our customers and supply chain enablers in
New Brunswick to grow the Port of
Saint John, increase optionality
and bring investment and economic development to the region. We
look forward to safely and efficiently delivering for Atlantic Canada."
The Port of Saint John is a
deep-water, congestion-free port on Canada's Atlantic Coast with the ability to
handle a variety of cargos including containers, automobiles, and
bulk commodities. Together with the Port of Saint John, CP offers access to major North
American markets via the EMRY and NBSR, and a compelling
transportation service which will help drive economic growth and
support the Port's $205 million
modernization project.
"The return of CP is a game changing opportunity for not only
Saint John and New Brunswick, but for all of Atlantic Canada," said Premier Blaine Higgs. "This provides a competitive
option for our region to access both domestic and international
markets."
Note on forward-looking information
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information 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 "will", "anticipate", "believe", "expect", "plan",
"should" or similar words suggesting future outcomes.
This news release contains forward-looking information relating,
but not limited to, our operations, priorities and plans,
performance of CP's assets and equipment, including the successful
integration of CMQ; the success of our business and operations,
anticipated operational performance, and the anticipated success of
the CMQ transaction, and its anticipated effect on CP and its
customers; the anticipated future capacity of Canada's major ports; and anticipated future
economic growth and investment by third parties.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating
to: North American and global economic growth; commodity
demand growth; agricultural production; commodity prices and
interest rates; performance of our assets and equipment;
sufficiency of our budgeted capital expenditures in carrying out
our business plan; our ability to complete our capital and
maintenance projects on the timelines anticipated; applicable laws,
regulations and government policies; the availability and cost of
labour, services and infrastructure; the satisfaction by third
parties of their obligations to CP; the anticipated impacts of the
novel strain of coronavirus (and the disease known as COVID-19);
and capital investments by third parties. Although CP believes the
expectations, estimates, projections and assumptions reflected in
the forward-looking information presented herein are reasonable as
of the date hereof, there can be no assurance that they will prove
to be correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves 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: risks associated with the successful
integration of CMQ; changes in business strategies; general North
American and global economic, credit and business conditions; risks
associated with 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, regulations and
government policies, including regulation of rates; changes in
taxes and tax rates; potential increases in maintenance and
operating costs; changes in fuel prices; 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; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. 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 Statements" in CP's annual and interim reports on
Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such 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 major ports on the west and east coasts. CP provides 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. CP-IR
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SOURCE Canadian Pacific