TSX Venture Exchange Toronto, Ontario Symbol: TBZ
TORONTO, Aug. 31 /CNW/ - Tonbridge Power Inc. (TSXV-TBZ) ("the Corporation"), today announced financial results for the second quarter ended June 30, 2010. There was a net income on a per share basis of $0.09 (June 30, 2009 - $0.01). Total income for the three months ended June 30, 2010 was $3.3M (June 30, 2009 - $0.4M).
"Permitting, design and ordering of materials is essentially completed and physical construction has started on both the substations and the transmission line. As well, the Corporation has actively begun development work on its second project, the Green Line Project, and is evaluating several other transmission line development opportunities." said Johan van 't Hof, President and CEO.
Significant Quarterly Highlights
MATL Project Construction in Progress
- Pole insertions commenced today, August 31, 2010;
- A notice to proceed with construction was issued on June 20, 2010
under the Engineering Procurement and Construction agreement and is
scheduled for a mid-2011 in-service date and on budget;
- Construction work commenced with the construction of the Marias
substation in June;
- Required materials have been ordered, with many arriving at the two
staging areas at Craddock, Alberta and Shelby, Montana;
- The contract to ship the Phase Shifting Transformer ("PST") from
Germany has been finalized and the shipping process has begun. The
PST is expected to be on site mid November, 2010 in Lethbridge;
- Sufficient land easements have been completed allowing construction
- On June 28, 2010, the Alberta Utilities Commission extended the MATL
permit, which was to expire in December 31, 2010 and which now
requires construction completion by 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;
- On August 27, the AUC denied a permit review and variance application
filed by landowners with early in 2010;
- The Alberta Surface Rights Board has issued 21 right-of-entry orders
to date and rejected none of the company's requests for such orders;
- All material crossing agreements have been received or are now filed
- A total of 110 miles is now under easement from Marias north to 10
miles north of Highway 61. Construction has started on this section;
- The US Army Corp of Engineers granted a federal wetlands temporary
construction impact permit for five specific sites north of Marias;
- As of June 30, 2010, the Corporation had drawn down US$38.0M under
the Western construction facility, and has received a further US
$21.9M to August 27, 2010 to fund project construction costs and
- Cash resources and aggregate favourable budget variances to date
continue to indicate that the Corporation has sufficient resources to
complete the construction.
- In accordance with Canadian GAAP, the Company has determined that it
is now more likely than not that to recover the tax benefit from past
non capital losses, resulting in a $9.0M future income tax benefit
reflected and recorded in this quarter.
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.
SOURCE TONBRIDGE POWER INC.
For further information: For further information: Tonbridge Power Inc., Johan van't Hof, President and Chief Executive Officer, (416) 850-2150, Email: firstname.lastname@example.org; Tonbridge Power Inc., Robert McFarlane, Chief Business Officer, (416) 850-2150, Email: email@example.com; Brisco Capital Partners Corp., Graeme A. Dick, (403) 561-8989, Email: firstname.lastname@example.org; Please Visit the Company's Website at: www.tonbridgepower.com