MONTREAL, April 29 /CNW Telbec/ - CN (TSX: CNR)(NYSE: CNI), the Halifax Port Authority (HPA), Cerescorp Company Limited (Ceres) and Halterm Container Terminal Limited (Halterm) announced today an innovative agreement to better measure and align each party's performance in the Halifax Gateway supply chain and enhance the port's role as a preferred gateway on the east coast to Ontario, Quebec and the U.S. Midwest markets.
The agreement establishes clear and defined performance standards for these Halifax Gateway partners - CN, HPA, Ceres and Halterm - regarding times for unloading and loading containers between vessels and cars, the timing of the placement of rail cars at the terminals, and CN transit times to key markets in eastern and central Canada and the U.S. Midwest.
Claude Mongeau, CN president and chief executive officer, said: "I am very encouraged that key stakeholders at the Port of Halifax have agreed to work collaboratively on this initiative. This supply-chain agreement will align the parties' interests in executing to plan, and support quality service to improve the competitiveness of the Halifax Gateway. This innovative pact will foster balanced accountability of each supply-chain partner and ensure data on performance will be fully transparent."
Karen Oldfield, president and chief executive officer of the HPA, said: "This agreement between CN, HPA and terminal operators is ground-breaking, and it will help build on the port's already strong competitive position as an East Coast North American trade gateway."
Certain information included in this news release constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. CN cautions that, by their nature, these forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty.
Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results of performance of the Company or the rail industry to be materially different from the outlook or any future results or performance implied by such statements. Important factors that could affect the above forward-looking statements include, but are not limited to, the effects of general economic and business conditions, industry competition, inflation, currency and interest rate fluctuations, changes in fuel prices, legislative and/or regulatory developments, compliance with environmental laws and regulations, actions by regulators, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, labor negotiations and disruptions, environmental claims, uncertainties of investigations, proceedings or other types of claims and litigation, risks and liabilities arising from derailments, and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to "Management's Discussion and Analysis" in CN's annual and interim reports, Annual Information Form and Form 40-F filed with Canadian and U.S. securities regulators, available on CN's website, for a summary of major risks.
CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable Canadian securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related maters, or any other forward-looking statement.
CN - Canadian National Railway Company and its operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca.
For further information: For further information: For CN: Media: Mark Hallman, Director, Communications & Public Affairs, (905) 669-3384; Investment Community: Robert Noorigian, Vice-President, Investor Relations, (514) 399-0052; For Halifax Port Authority: Media: Michele Peveril, Manager, Communications, (902) 426-1060