Tonbridge Power Inc.

Tonbridge Power Inc.

April 17, 2008 17:53 ET

Tonbridge Power Inc. Provides Quarterly Financial Results

TORONTO, ONTARIO--(Marketwire - April 17, 2008) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Company"), 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 year ended December 31, 2007. Net loss for the year was ($0.04) 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 - January 1, 2007 to Current Date

- A permit to construct the transmission line from the National Energy Board was received on April 4, 2007.

- A path rating approval was received from the Western Electricity Coordinating Council project on August 28, 2007.

- Final Federal Energy Regulatory Commission Approval was received on January 28, 2007.

- Alberta Energy and Utilities Board ("AEUB") conditional approval of facilities and needs applications was received on January 31, 2008.

- A draft Environmental Impact Statement was issued in the United States in mid February, 2008 and a comment period concluded on March 31, 2008, which allows for the completion of the Montana Department of Environmental Quality ("MDEQ") and the U.S. Department of Energy ("DoE") processes.

- A mezzanine financing for US $31 million was completed on October 5, 2007, with first tranche of US $18 million drawn upon closing.

- The Company has completed engineering, procurement and construction agreements for all elements of the transmission line and substations.

- The Company has completed procurement process for all material construction elements. Bids are to be evaluated for acceptance and a final Procurement plan is being developed.

- The phase shifting transformer has been built, tested, fully paid for and is ready for shipping.

- The Corporation is in a position to issue a notice to proceed when the AEUB, MDEQ and DoE permits are received.

- The Corporation is completing all preliminary requirements in support of this financing, including an independent engineer's report, insurance report, and a final construction cost analysis.

- A net loss of $8.8M was incurred for the year ended December 31, 2007 reflecting interest cost on development funding and higher legal costs relating to AEUB hearing preparation and related to redrafting and re-issuance of EIS in the United States.

"I am very pleased to report that with the AEUB conditional permit and the U.S. processes nearing completion, we are focused on the next phase, meeting the regulators conditions, completing construction financing to Notice to Proceed and construction." 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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