TONBRIDGE POWER INC. 2010 THIRD QUARTER RESULTS AND CONSTRUCTION PROGRESS
November 29 2010 - 10:09AM
PR Newswire (Canada)
TORONTO, Nov. 29 /CNW/ -- TSX Venture Exchange Symbol: TBZ TORONTO,
Nov. 29 /CNW/ - Tonbridge Power Inc. (TSXV-TBZ) ("the Corporation")
today announced financial results for the third quarter ended
September 30, 2010. There was a net income on a per share basis of
$0.01 (September 30, 2009 - $0.00). Total income for the three
months ended September 30, 2010 was $0.5M (Sept 30, 2009 - $3.4M).
"This fall our team has made considerable progress on the MATL line
and its substations. Construction is well underway from Marias
Montana to the Canadian border. Construction crews will soon begin
work building in Canada from the border north to Lethbridge,
Alberta. During this period, development work continued on our
Green Line project as well as the other projects in the company's
pipeline." said Johan van 't Hof, President and CEO. Significant
Quarterly Highlights MATL Project Construction in Progress -- A
notice to proceed with construction on the Marias substation was
issued on June 25, 2010 under the Engineering Procurement and
Construction agreement; a further final notice to proceed on the
remainder of the MATL line was issued on August 3, 2010; --
Construction work has commenced on the Marias substation; --
Transmission line construction began in late August; --
Construction of the access road to the 120S substation began in
August; -- All required materials are ordered, with many having
arrived at the three staging areas at Craddock, Alberta Dutton,
Montana, and Shelby, Montana; -- The Phase Shifting Transformer
arrived in Lethbridge November 22, 2010; Regulatory update -- On
June 28, 2010, the Alberta Utilities Commission ("AUC") extended
the MATL permit, which was to expire in December 31, 2010, to
December 31, 2011; -- On June 30, 2010, the National Energy Board
("NEB") denied the review and variance application of the
landowners to amend the NEB permit, which was filed in November,
2009; -- On August 18, 2010, the NEB confirmed that all required
construction and environmental conditions of the NEB permit have
been satisfied; -- In August, the AUC denied the landowners' review
and variance application of the AUC permit filed early in 2010; --
The Alberta Surface Rights Board has issued seventy-five rights of
entry to date, and rejected none, under the AUC permit; -- All
material crossing agreements are received or are filed with
counterparties; -- A total of 37 straight miles is now under
easement from Marias north to ten miles north of Highway 61, on
which construction has started; -- The US Army Corps of Engineers
granted a federal wetlands temporary construction impact permit for
five specific sites north of Marias; -- Land easements in Montana
have been acquired from Marias to the border and 55 miles across
the border into Alberta; -- On September 15, 2010 an application
was made to the Montana Department of Environmental Quality for a
permit clarifying the manner in permission would be granted for
temporary construction access to wetlands; Financial Highlights --
As of September 30, 2010, the Corporation has drawn a total of
US$67.2M under the Western construction facility, and a received a
further US$12.2M after the quarter-end to pay accounts payable and
accruals; -- The Corporation believes that it has sufficient
resources to complete construction with current cash resources and
the Corporation's ability to work within budget to date. 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 Corporation are traded on the TSX Venture
Exchange under the symbol "TBZ". The Corporation's financial
statements and other filings can be found on SEDAR. 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. 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. %SEDAR: 00020056E table
border="0"trtdTonbridge Power Inc.br/ Johan van 't Hof, President
and Chief Executive Officerbr/ (416) 850-2150 email: a
href="mailto:jvanthof@tonbridgepower.com"jvanthof@tonbridgepower.com/a/td/tr
trtd /td/tr trtdRobert McFarlane, Chief Business Officerbr/
(416) 850-2150 email: a
href="mailto:rmcfarlane@tonbridgepower.com"rmcfarlane@tonbridgepower.com/a/td/tr
trtd /td/tr trtdBrisco Capital Partners Corp.br/ Graeme A.
Dick, Partnerbr/ (403) 561-8989 email: a
href="mailto:graeme@briscocapital.com"graeme@briscocapital.com/abr//td/tr
trtd /td/tr trtdPlease Visit the Company's Website at: a
href="http://www.tonbridgepower.com"www.tonbridgepower.co/aa
href="http://www.tonbridgepower.com"m/abr/ br/ br//td/tr/table
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