VANCOUVER and MONTREAL, June
11 /PRNewswire-FirstCall/ - CN (TSX: CNR) (NYSE:CNI) and TSI
Terminal Systems Inc. (TSI) announced today a supply chain
collaboration agreement aiming to enhance service levels to their
mutual customers and draw greater volumes of container traffic over
Port Metro Vancouver. A MOU has been signed that will drive strong
mutual focus on system efficiencies, improved communication, and
close monitoring of their gateway performance.
The CN-TSI pact is a companion to CN's recent supply chain
collaboration agreement with Port Metro Vancouver (PMV) designed to
promote balanced accountability among all Port stakeholders.
TSI is the largest container terminal operator in Canada, handling approximately 70 per cent of
the containerized cargo moving through its two terminals which it
operates under long-term lease at PMV.
Claude Mongeau, president and
chief executive officer of CN, said: "TSI is an important partner
of CN in serving the international steamship container lines
calling at Port Metro Vancouver. This agreement aims to improve
supply chain performance at the Port by establishing a close
working relationship with TSI in support of increased efficiency
and service innovation."
Michael Moore, president and
chief executive officer of GCT Global Container Terminals Inc.
(GCT), TSI's parent company, said: "We are pleased to be able to
partner with a world class railroad for the benefit of our Canadian
and American clients. We look forward to reducing dwell time and
increasing the fluidity of the Asia Pacific Gateway with this
arrangement."
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.
GCT Global Container Terminals Inc. is a wholly-owned subsidiary
of the Ontario Teachers' Pension Plan, one of the largest financial
institutions in Canada. The
Company operates four container terminals through three principal
businesses in North America: TSI
Terminal Systems Inc. in Vancouver
and Delta, British Columbia; New
York Container Terminal on Staten Island,
New York; and Global Terminal & Container Services in
Bayonne, New Jersey. For more
information on Global Container Terminals, visit the company's
website at www.globalterminals.com
Forward-Looking Statements
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.
SOURCE CN