CALGARY, March 7, 2016 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) and the City of Vancouver today jointly announced that
they have agreed to terms for the sale by CP of the Arbutus
Corridor to the City for $55
million.
"For many years now, CP has been involved in conversations with
the City about the future of the Arbutus corridor," said
Keith Creel, CP's President and
Chief Operating Officer. "We are pleased that today's landmark
agreement allows the City to create a transportation corridor and
greenway while providing a fair return to CP and our
shareholders."
The agreement also allows CP to share in future proceeds on the
eventual development and/or sale of certain parcels of the
corridor.
"CP has been an important part of Vancouver for 130 years, and while balancing
the needs of industry against the desires of municipalities is not
always easy, today's agreement demonstrates that by working
productively together we can accomplish great things to the benefit
of all," said Mr. Creel.
Forward Looking Statement
This news release contains
certain forward-looking information within the meaning of
applicable securities laws relating, but not limited, to the
anticipated benefits of the transaction and future business plans.
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: the ability to recognize the
benefits of the transaction; 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 "Item 1A - Risk Factors" and "Item 7 -
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
(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 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 Canadian Pacific.
SOURCE Canadian Pacific