CP disappointed by Province of B.C. decision to reverse its position on the agreement-in-principle regarding rafter access to...

CALGARY, May 20, 2016 /CNW/ - Canadian Pacific (TSX: CP) (NYSE: CP) today announced the Province of British Columbia has reversed a position that formed the basis for an agreement-in-principle that would have seen rafting companies granted access to cross active CP railway tracks safely to the lower canyon of the Kicking Horse River.

On April 22, 2016, CP voluntarily participated in good-faith discussions with the Mayor of Golden, B.C., as well as representatives from the Province and local rafting companies to establish terms that would allow rafting companies and their clients safe passage to the rapids across an active rail corridor, while also satisfying safety concerns raised by Transport Canada.

CP had agreed to offer a short-term solution for rafting companies and the community of Golden to enjoy a safe and successful 2016 rafting season while potential longer-term solutions were weighed by all stakeholders.

Among other key components of the agreement-in-principle, the Province agreed to assume the risks associated with any safety-related incident arising directly from this special access for rafters.

CP is disappointed that it was informed by the provincial government Friday afternoon of its reversal in position.

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Canadian Pacific (TSX:CP)(NYSE:CP) 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 Canadian Pacific.

SOURCE Canadian Pacific

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