Tonbridge Power Inc.

Tonbridge Power Inc.

November 17, 2006 12:59 ET

Tonbridge Power Inc.-MATL Progress Report, Fall 2006

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2006) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("Company"), through its wholly-owned subsidiary, Montana Alberta Tie Ltd. ("MATL"), is pleased to issue the following progress report. MATL is a project designed to interconnect the electricity markets of Alberta and the US Pacific Northwest through a 230kV transmission line.

Since the last project update, MATL has made significant progress in all critical regulatory areas. MATL has received final reports from stakeholder consultation committees in both Alberta and Montana, providing additional direction and impetus to the land assembly process. This process will accelerate upon issuance of the Montana Department of Environmental Quality ("MDEQ") and the Alberta Energy Utilities Board ("EUB") permits.

Consultations with regulators in both the US and Canada continue to be positive and constructive. Due to the iterative nature of the public consultations about to commence, timelines to project approvals are difficult to fix. However, no major stumbling blocks are anticipated at this time. Specific, identifiable progress is as follows:

- MDEQ - MATL has been advised that the MDEQ has received its consultant's report on the Company's previously filed Environmental Impact Study and intends to initiate a public comment period shortly;

- National Energy Board ("NEB") - In Canada, the NEB commenced its written public comment period on November 2, 2006. This period is scheduled to conclude on December 1, 2006. MATL's reply to any issues that may arise from that process is due on December 8, 2006; and

- EUB - The Needs Application made on behalf of MATL by the Alberta Electricity Systems Operator ("AESO") as well as MATL's Facility Application are now being reviewed by the EUB. AltaLink L.P. has advised the Company that they will shortly be submitting their Facilities Application; the final application required by the EUB. The MATL team is now working closely with the EUB to establish a schedule for formal public hearings.

The public consultation, or hearing process, only occurs once the regulator has accepted the Company filings and is typically the final element prior to consideration for approval.

Negotiations with the grid operators at the terminal points of the MATL line in Montana and Alberta are underway to finalize interconnection and operating protocols - essential prerequisites for commissioning the MATL line. MATL is now undertaking "non-simultaneous" power flow studies which should permit the final Western Electricity Coordinating Council ("WECC") path rating report to be issued. WECC is an industry body that promotes a reliable electric power system. WECC's 159 members include all major power generation and transmission companies in the western United States, Canada and Mexico, The WECC path rating is required before construction can begin.

A contract for the engineering, procurement and construction of the 120S substation at Lethbridge, Alberta has been awarded to and is being concluded with SNC-Lavalin ATP Inc., a part of SNC-Lavalin's T&D Division. SNC-Lavalin ATP is a wholly owned subsidiary of SNC-Lavalin, (TSX: SNC). A similar contract has been awarded and is being concluded with Power Engineers, Inc. for the Marias substation near Cut Bank, Montana. Accordingly all EPC contracts required for this project have been awarded.

Consultations have begun with the Company's long term power shippers that have already contracted for capacity on MATL's line regarding their specific interconnection requirements.

Talks continue with numerous other parties interested in contracting for shorter term available capacity on the MATL line. Multi year, "hourly" arbitrage analysis demonstrates considerable value to importing and exporting power over the MATL line at various times of the day, particularly for the northbound capacity.

The final engineering design is progressing well in respect of both the substations and the transmission line. The Company and its Engineering, Procurement and Construction contractors are advancing the procurement of long lead-time components in order to maintain the best timing for the commissioning of the system.

The commencement of construction hinges on the receipt of all regulatory permits. Due to the unpredictable nature of the regulatory process, the Company cannot, at this time, give precise guidance on when this will be achieved. As a result, construction of the transmission line will not commence before 2006 year end. To assess regulatory progress and likely construction timing the Company will have a regulatory achievement checklist posted on its website, "".

Tonbridge Power Inc. is a Toronto-based investor in power projects, whose principal asset is its 100% interest in Montana Alberta Tie Ltd.

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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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