Tonbridge Power (TSXV:TBZ)
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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