TORONTO, ONTARIO, Nov 27, 2009 (Marketwire via COMTEX) -- TBZZF | Quote | Chart | News | PowerRating -- Tonbridge Power Inc. (TSX VENTURE:TBZ) ("the Corporation"), 100% controlling shareholder of the Montana Alberta Tie Ltd. ("MATL") 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 July 1, 2009 to September 30, 2009. There was a net loss on a per share basis of (
.004). The total loss for the three months ended September 30, 2009 was $(1.1M).

"The Corporation is now in Phase 1 construction on MATL, and actively begun work on Project 2 and the MATL upgrade." said Johan van't Hof, President and CEO.

Significant Highlights

Construction and Term Financing Closed - On October 27, 2009, the Corporation executed final documentation with Western Area Power Administration ("Western"), a power marketing agency of the U.S. Department of Energy, for a US$161 million loan facility (the "Construction Loan Facility"). The Construction Loan Facility is being made available to the Corporation pursuant to the US Recovery Act and will be used to fund the construction of the Tonbridge Power Line.

Notice to Proceed - On October 29, 2009, following the execution of the Construction Loan Facility, the Corporation issued a Notice to Proceed to Rocky Mountain Contractors Inc. to proceed with the construction of the Project pursuant to the terms of the amended and restated fixed price engineering, procurement and construction contract with Rocky Mountain Contractors dated October 9, 2009.

Share Consolidation - On November 4, 2009, the Corporation held a special meeting of its shareholders at which its shareholders approved the consolidation of the issued and outstanding Common Shares on the basis of one new Common Share for every 10 existing Common Shares. The Corporation filed Articles of Amendment on November 4, 2009 to effect the consolidation of the Common Shares. The Common Shares began trading on a post-consolidated basis on the TSX-V on November 6, 2009.

Project 2 - On November 5, 2009 the Corporation entered into an agreement with Gaelectric North America Inc. ("Gaelectric") to begin detailed feasibility work for the potential construction of a new power transmission line ("Project 2") that would connect the Tonbridge Power Line with the 500 kV Colstrip transmission line (the "Colstrip Line") at or west of Townsend or Garrison, Montana. If the results of the feasibility work are favourable, it is expected that the Corporation and Gaelectric will enter into a development agreement. If Project 2 is constructed, it could result in, among other things, an upgrade in capacity on the Tonbridge Power Line to an estimated effective rate of 500-550 MW at acceptable line-loss performance. While the Corporation has applied for two interconnections with the Colstrip Line, the determination of any routing for Project 2 will depend on a number of factors, including the results of the feasibility work.

Supreme Court Leave to Appeal Denied - On May 5, 2009, the Alberta Court of Appeal dismissed an appeal by certain landowners of the Alberta Energy and Utilities Board's decision to grant MATL a permit to construct, and a license to operate, the Tonbridge Power Line. On August 5, 2009, three of the appellants filed an application with the Supreme Court of Canada for leave to appeal the Alberta Court of Appeal's decision. On October 22, 2009, the Supreme Court dismissed the application for leave to appeal and awarded costs to each of the respondents, including MATL.