Tonbridge Power Inc.
TSX VENTURE : TBZ

Tonbridge Power Inc.

June 23, 2009 08:00 ET

Tonbridge Power Inc. Announces Letter Agreement to Finance MATL Construction

TORONTO, ONTARIO--(Marketwire - June 23, 2009) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Company") announced that it has entered into a Letter Agreement ("Agreement") with the Western Area Power Administration ("Western"), a power marketing administration of the US Department of Energy (see www.wapa.gov).

Pursuant to the Agreement, negotiations are underway with Montana Alberta Tie Ltd, (MATL), for up to USD$161M in senior debt, an amount sufficient to complete the construction of the MATL project. In addition, MATL has entered into negotiations with Western regarding certain partnership considerations with respect to the MATL project.

This funding will be provided pursuant to the Section 402 of the American Reinvestment and Recovery Act of 2009. This transaction will close upon the successful completion of due diligence and execution of definitive agreements between MATL and Western. The Letter Agreement expires July 31, 2009 or upon funding.

The Company is the 100% controlling shareholder of Montana Alberta Tie Ltd. ("MATL"), which is developing a 300 MW, 230kV transmission line to interconnect the electricity markets of Alberta and the US. Tonbridge is listed on the TSX Venture Exchange and trades under the symbol "TBZ".

Forward Looking Information

Certain information regarding the Company set forth in this document, including the closing of the offering, management's assessment of the Company's future plans and operations and use of proceeds contains forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of foreign exchange rates, environmental, construction, regulatory and financing risks, debt and cash requirements, industry competition and performance or achievement could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward-looking information will provide any benefits.

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.

Contact Information