Tonbridge Power Inc.

Tonbridge Power Inc.

May 29, 2009 17:19 ET

Tonbridge Power Inc. Provides Quarterly Financial Results

TORONTO, ONTARIO--(Marketwire - May 29, 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 January 1, 2009 to March 31, 2009. Net loss for the quarter was ($0.02) 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


- Appeal of Alberta Energy and Utilities Board permit was dismissed on May 5, 2009 by the Alberta Court of Appeal

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

Operations & Finance

- On May 19, 2009, the Corporation announced that it entered into an agreement with Clarus Securities Inc. ("Clarus"), which has agreed to purchase and sell to the public 21,750,000 common shares of the Corporation at a purchase price of $0.23 per common share for gross proceeds of $5,002,500. The Corporation has also granted to Clarus an over-allotment option, to purchase up to an additional 15% of the number of common shares. Closing of the offering is expected to occur on June 4, 2009. The common shares will be offered pursuant to a short form prospectus to be filed by the Corporation in the provinces of Alberta, British Columbia and Ontario. The Corporation will use the net proceeds of the offering for working capital and for general corporate purposes

- Letters of intent whereby (i) NatureEner would purchase US$25M of preferred shares in MATL, and (ii) NaturEner would prepay up to US $35M in revenues for years 11 to 25 of operations, originally executed on November 26, 2008 and September 3, 2008 respectively, were extended on April 24, 2009

- Applied March 9, 2009 to the Western Area Power Administration, an agency of the DoE, for loan financing under the US Recovery Act as an alternative to the Corporation's Commercial Financing Plan

- A net loss of $(4.5M) was incurred for the three months ended March 31, 2009, of which $(3.3M) relates to non-cash accounting entries.

"The Corporation is ready to begin construction of the Project on completion 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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