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CP's President & COO Keith Creel Addresses Agriculture Standing Committee Hearing in Ottawa on Bill C-30
|By PR Newswire
|April 1, 2014 08:56 PM EDT
OTTAWA, April 1, 2014 /PRNewswire/ - This evening Canadian Pacific's (TSX: CP)
(NYSE: CP) President and Chief Operating Officer Keith Creel provided
his comments on Bill C-30 to the Standing Committee on Agriculture. Mr.
Creel encouraged the Committee to consider the serious capacity
constraints within the current grain supply chain and highlighted that
interswitching would worsen the situation for the movement of Canadian
grain to markets.
"The reality is the current grain supply chain, of which rail is only
one component, cannot move these extraordinary volumes over this short
period of time," said Creel. "We need solutions that will increase
throughput of grain from farm to ship."
Mr. Creel also addressed CP's operating performance this crop year. CP
moved record grain volumes last fall which was later impacted by the
extraordinary cold temperatures in December and January. With the
improved weather, the railway has regained momentum, moving 15% more
Western Canadian grain in February and 20% more in March than the
With respect to the proposed extended interswitching, Mr. Creel
expressed concerns with its potentially damaging unintended
consequences and how it would slow down the grain supply chain due to
increased handlings, further constraining capacity. He noted that
allowing grain to be interswitched to U.S railroads could also
potentially lead to a negative impact on the Canadian economy.
"I am proud of the railroaders who continue to work tirelessly 24-7 to
move this record Canadian crop for the farming community," added
Creel. "Despite this fact, our efforts need to be matched by other
partners in the supply chain. We should not allow railcars to sit,
waiting to be loaded or unloaded, when they should be cycling back to
the Prairies or to the Ports."
CP is asking all supply chain partners to engage in a collaborative
dialogue to find immediate solutions which will create longer term
capacity in the grain supply chain.
Note on forward-looking information
This news release contains certain forward-looking information within
the meaning of applicable securities laws relating, but not limited to,
the entering into of the Plan, purchases of common shares for
cancellation under CP's share repurchase program and future sources of
capital. 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 "Management's Discussion and Analysis" in
CP's annual and interim reports, Annual Information Form and Form 40-F.
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 (TSX:CP)(NYSE:CP) 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 a low-cost provider that is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit www.cpr.ca to see the rail advantages of Canadian Pacific.
SOURCE Canadian Pacific
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