TORONTO, Aug. 19 /CNW/ - Tonbridge Power Inc. (TSXV-TBZ), ("Tonbridge Power" or the "Company"), 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, announces that it will issue common shares (subject to TSX-V regulatory approval), to its 8 Directors and 1 Advisor to the Board ("Directors") of Tonbridge as payment for Director's fees earned between July 1, 2009 and June 30, 2010.
Directors earn an annual stipend as well as meeting fees. The amount of common shares issued is calculated based upon the closing trading value on the day prior to public announcement. These fees are earned according to the stock option plan approved at the June 24 2010 Annual General Meeting. As of August 19, 2010 the total of Director's fees earned during the last twelve months for nine persons totaling $310,322.15. The tax portion of the directors' fees will be directly remitted to the Canada Revenue Agency. Tonbridge intends to issue 119,049 shares, calculated at $2.07 per share in order to extinguish the net after-tax balance of this compensation debt.
Tonbridge Power Inc. is a Toronto-based investor in power projects, whose principle asset is the 100% controlling interest in Montana Alberta Tie Ltd. Shares of Tonbridge became publicly listed on the TSX Venture Exchange on July 7, 2005 and are traded under the symbol "TBZ".
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For further information: For further information: Tonbridge Power Inc., www.tonbridgepower.com, Johan van't Hof, Chief Executive Officer, Tel: (416) 850-2150, Email: firstname.lastname@example.org; Robert McFarlane, Chief Business Officer, Tel: (416) 850-2150, Email: email@example.com; Brisco Capital Partners Corp., Graeme A. Dick, Tel: (403) 561-8989, Email: firstname.lastname@example.org