Tonbridge Power Inc.

Tonbridge Power Inc.

August 28, 2009 11:20 ET

Tonbridge Power Inc. Provides Quarterly Financial Results

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2009) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Corporation"), 100% controlling shareholder of the Montana Alberta Tie Ltd. transmission line project to interconnect the electricity markets of Alberta and the US through a 300 MW transmission line, today announced financial results for the three month period from April 1, 2009 to June 30, 2009. Net loss for the quarter was ($0.003) per share. The Company's complete financial statements, management discussion and analysis and annual information form can be viewed on SEDAR at or on the Company's website at

Significant Highlights

Operations & Finance

- On August 10, 2009, the Corporation executed a detailed term sheet with the Western Area Power Administration ("Western"), an agency of the US Department of Energy, for senior secured construction loan financing and subsequent term loan financing for up to US$161M pursuant to Western's provisions in the US Recovery Act;

- On June 4, 2009, the Corporation completed a short form prospectus with Clarus Securities Inc. and issued 21,750,000 common shares at a price of $0.23 per share. On June 12, 2009, an Over-Allotment option was exercised and a further 3,262,500 common shares were issued at a price of $0.23 per share. The total gross proceeds raised pursuant to the Offering and the Over-Allotment Option were $5,752,875, less the underwriter's fee and related expenses. The Corporation will use the net proceeds for working capital and for general corporate purposes;

- A net loss of $(844,981) was incurred for the three months ended June 30, 2009 and a net loss of $(5,307,268) was incurred for the six months ended June 30, 2009.


- All required material permits required to construct and operate a power line between Canada and the United States have been received;

- The Federal Energy Regulatory Commission accepted Montana Alberta Tie Ltd.'s filed Schedule L on July 31, obligating its shippers to provide up to 10 years of credit support to the Transmission Service Rights Agreements;

- An appeal launched by landowners against the Alberta Energy and Utilities Board ("AEUB") permit was dismissed on May 5, 2009 by the Alberta Court of Appeal;

- On August 5 2009, 3 landowners filed an application in the Supreme Court of Canada seeking to overturn the decision of the Appeal Court of Alberta on the AEUB permit. The Corporation is opposing this application. It is expected that the Court will decide by year end whether to hear the appeal.

"The Corporation is ready to begin construction of the Project upon receipt of senior financing arrangements." said Johan van 't Hof, President and CEO.

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 Company became publicly listed on the TSX Venture Exchange on July 7, 2005 and are traded under the symbol "TBZ".

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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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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