Canexus Corporation
TSX : CUS

Canexus Corporation

September 08, 2014 20:02 ET

Canexus Announces Tie-in of Cold Lake Pipeline System Proceeding

CALGARY, ALBERTA--(Marketwired - Sept. 8, 2014) - Canexus Corporation (TSX:CUS) (the "Corporation" or "Canexus") today announced that it will immediately resume construction to tie-in the Cold Lake pipeline system from Lamont Station into the MEG Energy Corp. ("MEG") pipeline. This follows a court decision to enforce specifically the terms and provisions of the pipeline agreement between MEG and Canexus. Construction to perform this tie-in is expected to begin as early as tomorrow and to take about two weeks to complete, commission and start-up the pipeline system for Cold Lake Blend product delivery to the Corporation's North American Terminal Operations ("NATO") unit train facility.

"NATO is a state-of-the-art, strategically located asset that provides our customers with a viable way to move their products to multiple markets. Once the tie-in work is completed, we will resume loading unit trains and expect to ramp-up operations to our contracted capacity of six to seven unit trains per week. On September 5, 2014, we commenced commissioning the unit train loading rack and are loading oil into railcars from on-site tank storage," said Doug Wonnacott, President and CEO.

Forward-Looking Statements

This news release contains forward-looking statements and information relating to expected future events relating to Canexus and its subsidiaries, including with respect to the timing of commencement and completion of tie-in activities and the commissioning and start-up of the pipeline system and expectations for the ramp up of contracted capacity. The use of the words "expects", "anticipates", "continue", "estimates", "projects", "should", "believe", "plans", "intends", "may", "will" or similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including market and general economic conditions, future costs, treatment under governmental regulatory, tax and environmental regimes and the other risks and uncertainties detailed under "Risk Factors" in the Corporation's Annual Information Form filed on the Corporation's SEDAR profile at www.sedar.com. Management believes the expectations reflected in these forward-looking statements are currently reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Due to the potential impact of these factors, Canexus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

About Canexus

Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus also provides fee-for-service hydrocarbon transloading services to the oil and gas industry from its terminal at Bruderheim, Alberta. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus' common shares (CUS) and debentures (Series III - CUS.DB.A; Series IV - CUS.DB.B; Series V - CUS.DB.C; Series VI - CUS.DB.D) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.

Contact Information

  • Canexus Corporation
    Richard McLellan, CA
    Senior VP, Finance and CFO
    (403) 571-7300