TONBRIDGE POWER INC. 2010 THIRD QUARTER RESULTS AND CONSTRUCTION PROGRESS

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.


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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 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/ [phone]  email: a href="mailto:[e-mail]"[e-mail]/a/td/tr trtd /td/tr trtdRobert McFarlane, Chief Business Officerbr/ [phone]  email: a href="mailto:[e-mail]"[e-mail]/a/td/tr trtd /td/tr trtdBrisco Capital Partners Corp.br/ Graeme A. Dick, Partnerbr/ [phone]  email: a href="mailto:[e-mail]"[e-mail]/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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