CN welcomes federal infrastructure investment in Vancouver supporting trade with Asia, Canadian economy
VANCOUVER, British Columbia, June 22, 2018 (GLOBE NEWSWIRE) -- CN (TSX:CNR) (NYSE:CNI) said today the federal government’s support of infrastructure investments in Vancouver through the National Trade Corridors Fund (NTCF) will help the long-term expansion of trade between Canada and Asia.
“We applaud the Government of Canada’s actions to expand Canada’s key trade corridors and make them more reliable. We welcome this investment in trade-enabling infrastructure,” said JJ Ruest, interim president and chief executive officer at CN. “These investments signal Canada’s commitment to trade with Asian economies.”
NTCF will provide funding to infrastructure investments boosting capacity along the rail corridor across the Second Narrows railway bridge linking transportation networks to growing grain, potash, coal and forest products export terminals on Vancouver’s North Shore.
The government also announced funding to expand capacity on the railway line that serves as CN’s primary access to DP World’s Centerm and Global Container Terminals’ Vanterm, two expanding intermodal terminals on Vancouver’s South Shore. Centerm is moving forward with plans to increase capacity by two-thirds.
“Increasing export and import opportunities for Canadian businesses means more capacity is needed to reliably move products to and from this expanding gateway,” Ruest said. “Collaborative investments in supply chain infrastructure, including by railways, ports and terminal operators, improve our trading partnerships linking Asian markets to Canadian consumers and producers.”
Earlier this month CN announced its plans to invest approximately $340 million across British Columbia in 2018 to expand and strengthen the Company’s rail network throughout the province.
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, 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. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.
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 to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. 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; security threats; reliance on technology; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes; effects of climate change; 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 (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.
Forward-looking statements reflect information as of the date on which they are made. 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 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 matters, or any other forward-looking statement.
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.
|Patrick Waldron||Paul Butcher|
|CN Media Relations||CN Investor Relations|
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