Tonbridge Power Inc.
TSX VENTURE : TBZ

Tonbridge Power Inc.

November 17, 2006 13:03 ET

Tonbridge Power Inc. Arranges $9,200,000 Letter of Credit in Support of Facilities Application to the EUB

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2006) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("Tonbridge" or the "Company"), through its wholly-owned subsidiary, Montana Alberta Tie Ltd. ("MATL"), is pleased to announce the arrangement of a CAN $9,200,000 Letter of Credit ("LC") provided on behalf of MATL by a New York based financial institution. The Letter of Credit is an important milestone in MATL's overall application to the Alberta Energy Utilities Board ("AEUB"). It provides security to Altalink, the Transmission Facility Operator at the terminus of the MALT line in Alberta, to cover the cost of integrating MATL's line into their transmission system. In accordance with the rules of the Alberta Electrical System Operator ("AESO"), having this LC in place allows AltaLink L.P. to submit a Facilities Application to the AEUB for the construction required for this integration. This is the final application to the AEUB associated with the MATL project. The Letter of Credit was formally issued November 13, 2006 and is valid until April 30, 2008.

Johan van't Hof, President of Tonbridge Power commented, "I see this as a significant step in completing our debt financing plan for the entire project. This LC ensures the regulators that proceeds are available to complete this part of the project as they work hard to complete the overall approval process."

The Alberta Energy Utilities Board is one of the six critical regulatory bodies that must approve the MATL line before it begins construction. For a more complete update on MATL, please refer to the Company's Fall 2006 MATL Progress Report that was released today through the newswire channels. In an effort to make the complicated regulatory process more transparent to investors, the Company will have a regulatory achievement checklist on it's website, "www.tonbridgepower.com".

Tonbridge Corporation acted as financial advisor and arranger of the LC on behalf of the Company and MATL.

Tonbridge Power Inc. is a Toronto-based investor in power projects, whose principal asset is its 100% interest in Montana Alberta Tie Ltd. MATL is a project designed to interconnect the electricity markets of Alberta and the US Pacific Northwest through a 230Kv transmission line.

Should you wish to receive news via email, please email info@tonbridgepower.com and specify "company news".

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 www.sedar.com. 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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