Tonbridge Power Inc. Announces Financial Results

TORONTO, May 2 /CNW/ -- 
TSX Venture Exchange Symbol: TBZ


TORONTO, May 2 /CNW/ - Tonbridge Power Inc. (TSXV: TBZ) ("the
 Corporation") today announced financial results for the year ended
 December 31, 2010. Net income for the year was $0.14 per share. The
 Company's complete financial statements, management discussion and
 analysis can be viewed on SEDAR at www.Sedar.com or on the Company's website at www.tonbridgepower.com.


"Design, procurement and construction are now well advanced." said Johan
 van 't Hof, President and CEO. "We are now actively preparing the company for the MATL projects start and operation, while
 working on the last challenges of completing construction this year."


Significant Quarterly Highlights


Construction


    --  An initial notice to proceed was issued on June 20, 2010 to
        commence construction on the substations and a notice to
        proceed to start construction on the transmission line was
        issued on August 4, 2010 starting with the section from the
        Marias substation in Montana north to the border. On October 2,
        the section from the border to Highway 61 was released for
        work, and on January 10 the remaining part of the Alberta
        route, was further released for construction for an aggregate
        total of 120 miles;
    --  Montana construction activities from the Marias Substation to
        the international border are complete with the exception of a
        five parcel segment, involving one landowner, just east of Cut
        Bank;
    --  All current activities on the Marias south to Great Falls
        section are focused on finalizing easement acquisition;
    --  Alberta construction commenced first south of Highway 61 and
        proceeded to the border and was suspended for a few weeks, due
        to the spring thaw as required by the permits.  Right-of-way
        work is almost completed except for two parcels, and 199
        structures out of a total of 312 in this section have been
        placed and/or erected on the southern section;
    --  In Alberta, some of the H frame structures have experienced
        subsurface compaction failure and a recovery plan is in
        development by the contractor. The Corporation estimates that
        the project is approximately four months behind schedule due to
        construction challenges, and harsh weather delays. This
        recovery plan may, amongst other things, include bringing in
        further contracting capacity to provide for additional support;
    --  Substations - The construction work at MATL 120S, Marias and
        Great Falls substations is on schedule for completion
        mid-summer, substantially before commercial operation date;
    --  The PST arrived in Lethbridge November 22, 2010 and was placed
        on the substation pad shortly thereafter; oil filling will
        commence in the spring of 2011;



Financial Highlights


    --  Interconnection agreements and other settlement matters,
        permitting NaturEner to achieve construction financial closing
        for their 309 MW Rim Rock project, are almost complete;
    --  As of December 31, 2010, the Corporation has drawn a total of
        US$108.3M under the Western construction facility, and a
        received a further US$12.8M after the quarter end to pay
        accounts payable and accruals; and
    --  The Project currently has an expected $5.8M negative variance
        to its Project budget. Management is currently working to
        clarify final costs for the land easement process and to settle
        a project schedule recovery plan with RMC which may result in
        further variances and which may require the consideration of
        additional funding to complete the MATL Transmission Line.



Regulatory and Land Update


    --  Alberta SRB Process - The SRB has issued 117 Right of Entry
        orders and rejected none, all in line with MATL's AUC Permit;
        the last couple of Rights of Entry orders remaining are
        expected imminently;
    --  Montana MDEQ, ("Montana Department of Environmental Quality") -
        MATL was granted an amendment to its Certificate of Compliance
        to permit temporary construction impacts in wetland buffer
        zones, and the right to apply for statutory permits to impact
        wetlands on a temporary basis under Sec 318 and 404. This
        amendment was requested to allow for construction effectiveness
        and limit impacts of significant drive arounds. Four persons
        appealed this amendment, and if successful the terms of the
        original MDEQ permit would reapply;
    --  Montana District Court Decision with respect to Eminent Domain
        - MATL has appealed this decision to the Supreme Court in
        Montana; the Supreme Court has indicated it will provide
        expedited hearing of the appeal; and
    --  Montana House Bill 198 to restore the right of eminent domain
        to public utilities and other qualifying entities- has
        successfully passed the House and the Senate and has been sent
        to the Governor of Montana for signature.



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.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/02/c8669.html



p Tonbridge Power Inc.br/ Johan van 't Hof, President and Chief Executive Officerbr/ [phone]  email: a href="mailto:[e-mail]"[e-mail]/a /p p Robert McFarlane, Chief Business Officerbr/ [phone]  email: a href="mailto:[e-mail]"[e-mail]/a /p p Brisco Capital Partners Corp.br/ Graeme A. Dickbr/ [phone]  email: a href="mailto:[e-mail]"[e-mail]/a /p p Please Visit the Company's Website at: a href="http://www.tonbridgepower.com"www.tonbridgepower.com/a /p 

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