Tonbridge Power Inc.

Tonbridge Power Inc.

March 31, 2006 09:27 ET

Tonbridge Power Inc. Announces Financial Results

TORONTO, ONTARIO--(CCNMatthews - March 31, 2006) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("Tonbridge" or "Corporation") listed on the TSX Venture Exchange as TBZ, controlling shareholder of the Montana Alberta Tie Ltd. ("MATL") 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 eleven month period from incorporation on January 27, 2005 to December 31, 2005. Net loss for the eleven months was ($2,137,164), ($0.02 per share). Working capital was $1,814,293. The Company's complete financial statements, management's discussion and analysis and annual information form can be viewed on SEDAR at or on the Corporation's website at

The 11 month period ending December 31, 2005 has been an active one for the company. The following highlights the results to this date:

- JJR Completed qualifying transaction by purchasing Tonbridge Power Corporation for 78,333,332 shares. Name of resulting entity changed to Tonbridge Power Inc;

- Completed acquisition of 65% interest in MATL for $1.1 million and funded the advancement of the development of the Project, being the 300 megaWatts (mWs) bi-directional electricity transmission line project between Great Falls, Montana and Lethbridge, Alberta, and signed a letter of intent to purchase the two holding companies that hold the remaining 35% of MATL for 35,929,000 common shares representing 22.4% of the post transaction outstanding shares of the Corporation. This transaction was completed by executing definitive agreements on March 17, 2006, and closing is scheduled for the second quarter of 2006;

- Completed three private placements for aggregate gross proceeds of $7,740,000 million, and amalgamated Tonbridge Power Corporation with a subsidiary of JJR to effect a listing of the shares on the TSX Venture Exchange. These proceeds were in addition to the cash held in JJR at acquisition of $531,000;

- Completed "Open Season" auction process which resulted in 320 mWs of capacity sold, for aggregate revenue of $235 million over fifteen years after commencement of operations, and executed transmission shipping rights agreements which are subject to conditions precedent before becoming fully binding;

- Received acceptance of Open Season report by the Federal Energy Regulatory Commission in the United States of America;

- Completed staffing of project team in Calgary to a total of twelve persons;

- Signed an agreement to co-ordinate the sale of MATL's remaining capacity within the accepted procedures of the Open Access Same-Time Information System ("OASIS") standard, thus allowing transmission shipping rights to be purchased and sold in a manner acceptable to the regulators. The use of the OASIS system will also allow the Corporation to avoid the costs and delays associated with conducting several "Open Seasons" requiring continual application for regulatory approval of results;

- Received written requests for further transmission shipping capacity for various amounts, which requests will be posted on the new OASIS bidding service to facilitate acceptance by regulators;

- Completed environmental studies which identified only limited impacts, and selected a two mile wide transmission line corridor compliant with such study;

- Commenced land acquisition process, and received approval for certain rights of way;

- Filed initial environmental approval applications with authorities;

- Signed letter agreements with transmission facility operator to permit interconnection;

- Placed an order with ABB Inc. of Germany ("ABB") for a phase-shifting transformer to be delivered in December 2006;

- Initiated negotiations for the design, procurement and construction management of the transmission line;

- Commissioned design work on the transmission substations; and

- Net loss of $(2,137,164) for the eleven months ending December 31, 2005.

Tonbridge is a Toronto-based investor in power projects, whose principle asset is a controlling interest in Montana Alberta Tie Ltd. Shares of Tonbridge became publicly listed on the TSX Venture Exchange on July 7, 2005 and are traded under the symbol "TBZ".

Should you wish to receive company news via email, please email and specify "company news".

Forward Looking Information

Certain information regarding Tonbridge set forth in this document, including management's assessment of Tonbridge's future plans and operations, contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, some of which are beyond Tonbridge'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, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward-looking statements will provide any benefits.

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

Contact Information