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Share Name | Share Symbol | Market | Type |
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Tonbridge Power | TSXV:TBZ | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Company"), today announced financial results for the first quarter ended March 31, 2010. The net loss for the three months ended March 31, 2010 was $(373,000) or ($0.01) per share. "Permitting is completed and physical construction is expected to be started imminently. The Company has actively begun development work on its second project, the Green Line Project, and is carefully evaluating a narrow cross section of other transmission line development opportunities." said Johan van 't Hof, President and CEO. Significant Quarterly Highlights MATL Project Construction in Progress Phase 1 of the construction of the Montana Alberta Tie Ltd. transmission line project ("MATL Project") (including the detailed design, pole placement determination, surveying, land work and all other construction elements) is essentially completed. Phase 2 (including actual pole insertion and substation work) is scheduled to commence imminently upon arrival of materials. Construction is currently scheduled to be completed in the second quarter of 2011. Green Line Project In November 2009, the Company entered into a Cooperation agreement with Gaelectric North America Inc. ("Gaelectric") to begin an assessment of the potential for constructing a new power transmission line (the "Green Line"). This line would connect the MATL Project with the 500 kV Colstrip transmission line at or west of Townsend, Montana. On March 29, 2010, the Company entered into a similar agreement with Invenergy Wind Development LLC ("Invenergy"). As the results of the assessment work have been favourable, it is expected that the Company, Gaelectric and Invenergy will enter into definitive development agreements. Under such agreements, Gaelectric, Invenergy and the Company will co-fund the development. The Company will retain ownership of any project developed and development contributions are contemplated to be returned as transmission credits over a set period of time against eventual transmission service contractual obligations. 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 are traded on the TSX Venture Exchange under the symbol "TBZ". The Company'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.
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