10172017Headline:

CP commends Transport Minister for leadership on LVVR, reviewing details of Transportation Modernization Act

May 16, 2017 - (Newswire)

Canadian Pacific (TSX: CP) (NYSE: CP) commends the Transport Minister for his commitment to safety with today's announcement regarding proactive usage of Locomotive Voice and Video Recorders (LVVR), also known as inward-facing cameras.

"Minister Garneau has shown tremendous political leadership with today's announcement on inward-facing cameras, and I thank him for his commitment to safety," said CP's President and CEO Keith Creel. "Having the ability to use this technology in a proactive manner will allow us to prevent incidents and improve rail safety - further protecting the public, our employees and the goods we transport for our customers."

According to the documents released this morning by Transport Canada, the "Transportation Modernization Act proposes to amend the Railway Safety Act to mandate the installation of LVVR in locomotive cabs to further enhance the safety of the rail transportation system in Canada," including allowing for federally-regulated companies "to conduct analysis via random sampling in order to identify safety concerns as part of ongoing safety management; to determine the cause of a reportable accident/incident not being investigated by the TSB; and to address a prescribed safety threat."

CP, led by Mr. Creel, has taken a leadership role in advocating for LVVR for years, but only if the technology can be used in a proactive way to shape behaviours and prevent accidents before they happen.

"By implementing LVVR as a preventative, proactive, behaviour-changing tool we will promote safe behaviours and improve safety," Creel said. "We recognize the need to use this technology in a way that is respectful of our employees, and are committed to working closely with government, regulators and the unions to do so."

Earlier this year, CP launched an awareness campaign, www.cprailsafe.ca, that highlights the safety benefits of the proactive use of inward-facing cameras. CP uses LVVR technology in 50 of its locomotives in the U.S. The technology is also being used successfully by others in the U.S. with studies showing a 40-percent reduction in collisions per million miles travelled.

CP continues to review the full details of the Transportation Modernization Act and is working closely with the Ministry of Transport to better understand all of the details before providing further comment.

Forward Looking Statement

This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited to, proposed future legislative changes, railway and public safety, our operations, priorities and plans, anticipated financial performance, business prospects, planned capital expenditures, programs and strategies. This forward-looking information also includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as "financial expectations", "key assumptions", "anticipate", "believe", "expect", "plan", "will", "outlook", "should" or similar words suggesting future outcomes.

Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CP's forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward looking information, including but not limited to the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped via CP; inflation; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; and various events that could disrupt operations, including severe weather, droughts, floods, avalanches and earthquakes as well as security threats and governmental response to them, and technological changes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Information" in CP's annual and interim reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on forward-looking information. Forward looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CP. Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to eight major ports, including Vancouver and Montreal, providing North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP.

SOURCE Canadian Pacific

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Original Source: https://www.newswire.com/news/cp-commends-transport-minister-for-leadership-on-lvvr-reviewing-details-of

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