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Message: Tonbridge Power Inc. Provides Quarterly Financial Results
| May 29, 2009 |
| Tonbridge Power Inc. Provides Quarterly Financial Results |
| TORONTO, ONTARIO--(Marketwire - May 29, 2009) - Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Corporation"), 100% controlling shareholder of the Montana Alberta Tie Ltd. transmission line project to interconnect the electricity markets of Alberta and the US through a 300 MW transmission line, today announced financial results for the three month period from January 1, 2009 to March 31, 2009. Net loss for the quarter was ($0.02) per share. The Company's complete financial statements, management discussion and analysis and annual information form can be viewed on SEDAR at www.Sedar.com or on the Company's website at www.tonbridgepower.com. Significant Highlights Regulatory - Appeal of Alberta Energy and Utilities Board permit was dismissed on May 5, 2009 by the Alberta Court of Appeal - All required material permits required to construct and operate a power line between Canada and the United States have been received Operations & Finance - On May 19, 2009, the Corporation announced that it entered into an agreement with Clarus Securities Inc. ("Clarus"), which has agreed to purchase and sell to the public 21,750,000 common shares of the Corporation at a purchase price of $0.23 per common share for gross proceeds of $5,002,500. The Corporation has also granted to Clarus an over-allotment option, to purchase up to an additional 15% of the number of common shares. Closing of the offering is expected to occur on June 4, 2009. The common shares will be offered pursuant to a short form prospectus to be filed by the Corporation in the provinces of Alberta, British Columbia and Ontario. The Corporation will use the net proceeds of the offering for working capital and for general corporate purposes - Letters of intent whereby (i) NatureEner would purchase US$25M of preferred shares in MATL, and (ii) NaturEner would prepay up to US $35M in revenues for years 11 to 25 of operations, originally executed on November 26, 2008 and September 3, 2008 respectively, were extended on April 24, 2009 - Applied March 9, 2009 to the Western Area Power Administration, an agency of the DoE, for loan financing under the US Recovery Act as an alternative to the Corporation's Commercial Financing Plan - A net loss of $(4.5M) was incurred for the three months ended March 31, 2009, of which $(3.3M) relates to non-cash accounting entries. "The Corporation is ready to begin construction of the Project on completion of senior financing arrangements." said Johan van 't Hof, President and CEO. 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 became publicly listed on the TSX Venture Exchange on July 7, 2005 and are traded under the symbol "TBZ". Should you wish to receive news via email, please email info@tonbridgepower.com and specify "company news". |
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