Tonbridge Power Inc.

Tonbridge Power Inc.

January 28, 2010 18:23 ET

Tonbridge Power Provides Construction Update for Its MATL Transmission Project

TORONTO, ONTARIO--(Marketwire - Jan. 28, 2010) - Tonbridge Power Inc. (TSX VENTURE:TBZ) Tonbridge Power announced today that good progress is being made in the construction of the MATL tie line project. To date, MATL has drawn $21M of the $161M WAPA senior financing facility, using the funds to initiate and mobilize many of the first phase elements required to complete the project.

The Company reports that the project is proceeding in accordance with the timelines and budgets as planned. Specific activities that are underway or have been accomplished since the formal notice to proceed to construction was issued November 2, 2009 are as follows:

- $600,000 paid to Alberta land owners for 31 easements executed. Further payments and land easements will be made shortly;

- Final design (detailed pole placement) and procurement work has commenced at AltaLink for the Lethbridge 120S substation that will interconnect MATL with the Alberta system;

- Northwestern Energy has commenced final engineering on the Great Falls interconnection to the its system;

- Land appraisers for the US portion of the line proceeding at the rate of roughly 20 appraisals per week, with easement negotiations following thereafter;

- National Energy Board permit extended to accommodate construction schedule;

- All aerial design survey (LIDAR) work has been completed; and

- Pole, capacitor and conductor orders are expected to be made imminently.

Construction of the MATL line remains scheduled to be completed in the first half of 2011.

Going forward, it is the company's intent to communicate construction progress primarily in conjunction with the release of quarterly financial statements and MD&A. Due to several requests received to stay more current on the progress the company is making towards commercial operations date and revenues from MATL, we also plan to issue interim MATL progress reports midway between each quarterly financial release in order to provide an earlier level of progress visibility. This report is the first interim construction progress update, which will be followed by another project report in the MDA when we issue our annual statements in April, 2010.

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 are traded on the TSX Venture Exchange under the symbol "TBZ."

Should you wish to receive company notices via email, please notify us at:

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