CP Ships confirms discussions
July 29 2005 - 9:31AM
PR Newswire (US)
CP Ships confirms discussions GATWICK, UK, July 29
/PRNewswire-FirstCall/ -- CP Ships Limited today confirmed that it
is in discussions regarding a possible transaction. There is no
assurance that a transaction will result from these discussions and
no further comment will be forthcoming unless the situation
warrants. As a matter of policy, CP Ships does not usually comment
on market rumors but has issued this statement at the request of
the Toronto Stock Exchange. ABOUT CP SHIPS: One of the world's
leading container shipping companies, CP Ships provides
international container transportation services in four key
regional markets: TransAtlantic, Australasia, Latin America and
Asia. Within these markets CP Ships operates 39 services in 22
trade lanes, most of which are served by two or more of its seven
brands: ANZDL, Canada Maritime, Cast, Contship Containerlines,
Italia Line, Lykes Lines and TMM Lines. On 28th April 2005, CP
Ships announced it will re-brand its services under the CP Ships
name and retire these brands by the end of 2005. At 31st March
2005, CP Ships' vessel fleet was 81 ships and its container fleet
454,000 teu. Volume in 2004 was 2.3 million teu, more than 80% of
which was North American exports or imports. CP Ships also owns
Montreal Gateway Terminals, which operates one of the largest
marine container terminal facilities in Canada. CP Ships' is listed
on the Toronto and New York stock exchanges under the symbol TEU
and also in the S&P/TSX 60 Index of top Canadian publicly
listed companies. For further information visit the CP Ships
website, http://www.cpships.com/. FORWARD- LOOKING STATEMENTS: This
press release contains certain forward-looking information and
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 relating, but not limited
to, operations, anticipated or prospective financial performance,
results of operations, business prospects and strategies of CP
Ships. Forward-looking information typically contains statements
with words such as "consider", "anticipate", "believe", "expect",
"plan", "intend", "likely" or similar words suggesting future
outcomes or statements regarding an outlook on future changes in
volumes, freight rates, costs, achievable cost savings, the
estimated amounts and timing of capital expenditures, anticipated
future debt levels and incentive fees or revenue, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Readers should be
aware that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward- looking
statements. Although CP Ships believes it has reasonable basis for
making the forecasts or projections included in this press release,
readers are cautioned not to place undue reliance on such
forward-looking information. By its nature, the forward-looking
information of CP Ships involves numerous assumptions, inherent
risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecast and other
forward-looking statements will not occur. These factors include,
but are not limited to, changes in business strategies; general
global, political and economic and business conditions, including
the length and severity of any economic slowdown in the countries
and regions where CP Ships operates, including seasonality,
particularly in the United States, Canada, Latin America,
Australasia, Asia and Europe; the effects of competition and
pricing pressures; changes in freight rates; industry
over-capacity; changes in demand for container shipping;
availability and cost of chartered ships; changes in laws and
regulations, including tax, environmental, employment, competition,
anti-terrorism and trade laws; difficulties in achieving cost
savings; currency exposures and exchange rate fluctuations, fuel
price and interest rate fluctuations; changes in access to capital
markets and other sources of financing; various events which could
disrupt operations, including war, acts of terrorism, severe
weather conditions and external labour unrest, all of which may be
beyond CP Ships' insurance coverage; compliance with security
measures by governmental and industry trade practice groups; the
outcome of civil litigation related to CP Ships' restatement of
financial results and the impact of any resulting legal judgments,
settlements and expenses; and CP Ships' anticipation of and success
in managing the risks associated with the foregoing. The above list
of important factors affecting forward-looking information is not
exhaustive, and reference should be made to the other risks
discussed in CP Ships' filings with Canadian securities regulatory
authorities and the US Securities and Exchange Commission. CP Ships
undertakes no obligation, except as required by law, to update
publicly or otherwise revise any forward-looking information,
whether as a result of new information, future events or otherwise,
or the above list of factors affecting this information.
DATASOURCE: CP Ships CONTACT: INVESTORS: Jeremy Lee, VP Investor
Relations & Public Affairs, Telephone: (514) 934-5254; MEDIA:
Elizabeth Canna, VP Group Communications, Telephone: +44 (0)1293
861 921 or +41 (0)79 691 3764
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