CALGARY, June 29, 2015 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) and All Vision LLC (All Vision) are pleased to announce
an agreement to enter into a multi-year venture to develop
strategic outdoor advertising infrastructure along CP's right of
way.
Van Horne Outdoor (VHO) represents the next step in CP's real
estate ventures.
"This fits well with CP's strategic approach to our real estate
assets as All Vision is well positioned to assist us in unlocking
value in the outdoor advertising space," said Mark Wallace, CP's Vice-President, Corporate
Affairs and Chairman of VHO. "All Vision is an expert in this field
and we look forward to this multi-year partnership to optimize CP's
assets."
The VHO joint venture will leverage All Vision's expertise in
outdoor advertising to develop new outdoor infrastructure that will
generate long-term revenue and shareholder value. The agreement
will focus on constructing digital advertising infrastructure and
the management of CP's licenses for over 700 existing sign boards
located on the railway's right of way.
"It is a privilege and honour to work with Canadian Pacific on
this progressive opportunity to create significant and sustainable
long term value for both companies," said Greg Smith, CEO of All Vision LLC. "This
partnership represents a further step forward in solidifying our
position as the leader in the management and development of outdoor
advertising assets across North
America."
CP has nearly 14,000 miles of track and right of way spanning
the continent.
About Canadian Pacific
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.
About All Vision
All Vision LLC ("All Vision") was
formed as a Delaware Limited Liability Company in October 2002 to assist public and private
property owners with the development and management of outdoor
advertising assets on their properties. All Vision Canada Company
was incorporated in Nova Scotia in
2004 and is a wholly owned subsidiary of All Vision LLC. All Vision
represents a growing portfolio of more than 3,000 outdoor
advertising assets across Canada
and the United States, with
particular emphasis on rail properties.
Note on forward-looking information
This news release
contains certain forward-looking information within the meaning of
applicable securities laws relating, but not limited to, the future
plans with respect to VHO and CP's real estate portfolio. 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, the forward-looking
information contained herein 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: finalizing a definitive
agreement with All Vision and associated documentation; changes in
business strategies; general North American and global economic,
credit and business conditions; local real estate conditions; the
effects of competition and pricing pressures; industry capacity;
shifts in market demand; environmental risks; 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; currency
fluctuations; changes in interest and mortgage rates; availability
of financing; changes in market conditions; and various events that
could disrupt operations, including severe weather, droughts,
floods, avalanches and earthquakes as well as security threats and
governmental responses 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 the "Management's
Discussion and Analysis" in CP's annual and interim reports, Annual
Information Form and Form 40-F. 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. 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.
SOURCE Canadian Pacific