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.
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 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.
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 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
SOURCE CN