Letters of support included in application for C$250 million infrastructure investment to support economic growth
TORONTO, Jan. 22, 2016 /CNW/ - CN (TSX: CNR) (NYSE: CNI) announced today that it has submitted an application to the Canadian Transportation Agency (CTA) for approval of its proposed logistics hub to be built in Milton, Ont.
The CTA application outlines the infrastructure required for the C$250 million project and the expected economic benefits of the proposed logistics hub:
- With CN's intermodal traffic growing solidly since 2005, the terminal creates more inland freight capacity to better connect domestic and global supply chains linking the West and East coasts in Canada.
- Half of CN's intermodal rail traffic touches the Greater Toronto and Hamilton Area (GTHA), and the Milton Logistics Hub will help CN meet the critical transportation infrastructure needs of a growing region.
- The tracks to be built on CN property adjacent to CN's existing mainline will accommodate the terminal's rail traffic and the 1.7-kilometre private access road to be constructed on CN property will handle terminal truck traffic and avoid truck queuing on public roads.
Letters of support for the project signed by leaders of chambers of commerce, ports, businesses across Canada, and the Mississaugas of the New Credit First Nations are included in the CTA application.
The application for the construction of certain rail lines for the logistics hub is required under the Canada Transportation Act. The application follows CN's filing of a comprehensive environmental impact statement with the Canadian Environmental Assessment Agency.
CN is committed to a full federal review of the project and to active consultation with the community and Aboriginal peoples. The CTA application can be viewed on CN's Milton project Web site.
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 or 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. To the extent that CN has provided guidance that are non-GAAP financial measures, the Company may not be able to provide a reconciliation to the GAAP measures, due to unknown variables and uncertainty related to future results. Key assumptions used in determining forward-looking information are set forth below.
Important risk factors that could affect the 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 risk factors.
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CN is a true backbone of the economy whose team of approximately 25,000 railroaders transports more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the company's website at www.cn.ca
For further information: Media: Mark Hallman, Director, Communications & Public Affairs, (905) 669-3384; Investors, Janet Drysdale, Vice-President, Investor Relations, (514) 399-0052