Tonbridge Power Inc.

Tonbridge Power Inc.

April 30, 2010 20:52 ET

Tonbridge Power Inc. Announces 2009 Annual Results

Annual Highlights: MATL Project Construction Commenced- Construction and Term Financing Closed- Two Equity Financings Completed- Project 2 (Green Line Project) Announced- Supreme Court Leave to Appeal Denied- Share Consolidation Completed

TORONTO, ONTARIO--(Marketwire - April 30, 2010) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Corporation"), today announced financial results for the year ended December 31, 2009. There was a net loss on a per share basis of ($0.16). The total loss for the year ended December 31, 2009 was $(4.4M).

"The Corporation has fully funded and contracted transmission capacity for the MATL Project. Permitting is completed and Phase 1 construction is expected to be completed shortly. Phase 2 construction is expected to commence late in the second quarter of 2010. With the closing of the December 2009 equity financing, we have now actively begun development work on our second project, the Green Line Project." said Johan van't Hof, President and CEO.

Significant Annual and Recent Highlights

MATL Project Construction Commenced
On October 29, 2009, following the execution of the Construction Loan Facility described below, the Corporation issued a Notice to Proceed with the construction of the Montana Alberta Tie Ltd. transmission line project ("MATL Project"). Phase 1 of the construction (including the detailed design, pole placement determination, surveying, land work and all other construction elements) is substantially completed and Phase 2 (including actual pole insertion and substation work) is scheduled to commence late in the second quarter of 2010 after land easements are obtained. Construction is currently scheduled to be completed in the second quarter of 2011.

Construction and Term Financing Arrangements Completed
On October 27, 2009, the Corporation closed a US$161M loan facility with Western Area Power Administration ("Western"), a power marketing agency of the U.S. Department of Energy, to fund the construction of the MATL Project. Interest during construction accrues quarterly at an annual rate of 2% until construction on the MATL Project is completed at which point it will convert to a 30-year term financing, bearing interest at an annual rate equal to the 30-year U.S. Treasury cost of funds.

To April 30, 2010, US$32.7M has been advanced under the Construction Loan Facility.

Equity Financings
On December 17, 2009, the Corporation successfully completed an equity financing for total gross proceeds of $15,527,300. Previously, on June 4, 2009, the Corporation completed another equity financing for total gross proceeds of $5,752,875.

Net cash proceeds from these two equity financings were $18,484,720.

Green Line Project
On November 5, 2009, the Corporation entered into a Cooperation agreement with Gaelectric North America Inc. ("Gaelectric") to begin an assessment of the potential for constructing a new power transmission line (the "Green Line"). This line would connect the MATL Project with the 500 kV Colstrip transmission line at or west of Townsend, Montana. On March 29, 2010, the Corporation entered into a similar agreement with Invenergy Wind Development LLC ("Invenergy").

As the results of the assessment work have been favourable, the Corporation is now working with Gaelectric and Invenergy to enter into Development Agreements. Under such Agreements, Gaelectric, Invenergy and the Corporation will co-fund the development and will provide for development contributions to be returned to Gaelectric and Invenergy as transmission credits over a set period of time against eventual transmission contractual obligations.

Supreme Court Leave to Appeal Denied
The Corporation successfully defended its Alberta Energy and Utilities Board permits against appeal to the Alberta Court of Appeal and the Supreme Court of Canada. The appeal was dismissed and leave to appeal was denied, respectively. In addition, the Corporation secured an extension of its permit from the National Energy Board to August 31, 2010, and expects to comply with its permit conditions within that time.

Share Consolidation Completed
In November 2009, the shareholders approved the consolidation of the issued and outstanding common shares of the Corporation on the basis of one new common share for every 10 existing common shares. Since November 6, 2009, shares have been trading on the TSX Venture Exchange on this consolidated basis.

Tonbridge Power Inc. is a Toronto-based developer of electrical transmission assets, whose principal asset is a 100% interest in Montana Alberta Tie Ltd. Shares of the Corporation are traded on the TSX Venture Exchange under the symbol "TBZ". The Corporation‟s financial statements and other filings can be found on SEDAR.

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Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements", within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to future revenues. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "should", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward- looking statements, including but not limited to: the conditionality of the revenue contracts, risks related to the financing or construction of the transmission line; risks related to the performance of parties contracting for transmission capacity; delays in obtaining governmental approvals, permits or project financing or in the completion of development or construction activities, requirements for additional capital, government regulation, environmental risks as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2005, available on Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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