Canadian Pacific (TSX: CP) (NYSE: CP) today announced it has joined TradeLens, a blockchain-based platform that enables the secure and transparent transfer of container-shipping documents. This open-API platform will help CP intermodal shippers create, amend and share documents with other supply chain participants, including consignees, beneficial cargo owners, customs agencies, dray operators and steamship lines.
"CP is pleased to join TradeLens as part of its efforts to improve the customer experience through technological innovation," said CP Vice-President and Chief Information Officer Mike Redeker. "Global shipping is a profoundly complex business and TradeLens is improving the information-sharing processes that support the industry. CP is always innovating for the benefit of its customers, and joining TradeLens is an example of that innovation."
TradeLens was developed by IBM and A.P. Moller-Maersk specifically for use in the container-shipping industry. It currently handles more than 700 million events and 6 million documents annually. The system integrates with users' in-house systems via non-proprietary, publicly available APIs designed for ease of setup and use.
Note on forward-looking information This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information 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 "will", "anticipate", "believe", "expect", "plan", "should" or similar words suggesting future outcomes.
This news release contains forward-looking information relating, but not limited to, our operations, priorities and plans, and the anticipated future benefits to CP's customers of the TradeLens platform.
The forward-looking information contained in this news release is based on current expectations of the operability and functionality of TradeLens, which CP and its intermodal shippers create, including the ability to amend and share documents with other supply-chain participants, including consignees, beneficial cargo owners, customs agencies, dray operators and steamship lines. Although CP believes the expectations, estimates, projections and assumptions reflected in the forward-looking information presented herein are reasonable as of the date of this release, there can be no assurance that they will prove to be correct. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.
Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information. By its nature, CP's forward-looking information involves 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; operability of TradeLens with CP intermodal shippers; ability of customers to amend and share documents with other supply-chain participants, including consignees, beneficial cargo owners, customs agencies, dray operators and steamship lines; changes in laws, regulations and government policies, including privacy policies; trade restrictions or other changes to international trade arrangements; various events that could disrupt operations, including cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; and the pandemic created by the outbreak of the novel strain of coronavirus (and the disease known as COVID-19) and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions and disruptions to global supply chains. 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 Statements" in CP's annual and interim reports on Form 10-K and 10-Q.
The forward-looking information contained in this news release is made as of the date hereof. Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.
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