TORONTO, June 29 /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, held its annual and special meeting of shareholders on June 24, 2010. Tonbridge Power is pleased to announce that the shareholders of the Company approved resolutions in respect of the following matters:
- The re-election of Messrs. Johan van't Hof, Robert van Beers, John
Etchart, Jeffry Myers, Walter Pollock and John Wiebe, and the
election of Philip Kassin as directors of the Company for the
- The receiving of the Company's audited financial statements for the
year ended December 31, 2009 together with the auditor's report
- The reappointment of Grant Thornton LLP, Chartered Accountants, as
auditors of the Company (including authorizing the Directors to fix
the auditors' remuneration);
- The ratification, confirmation and approval of the stock option plan
(as presented in the Management Information Circular);
- The ratification, confirmation and of the current directors'
compensation arrangement (as presented in the Management Information
- The ratification, confirmation and approval of the amended and
restated shareholders' rights plan (as presented in the Management
In addition the Company announced the granting of 362,000 incentive and retention options. Options being granted include 58,000 to directors, 192,000 to senior officers of the Company, 102,000 to employees and 10,000 to Brisco Capital Partners Corporation, Consultants in Investor Relations to the Corporation since 2005. Many of the options granted were to replace options that expired without exercise.
The strike price of the options being issued is $2.07 based on the closing trading value on June 23, 2010. Options will vest fully by June 24, 2011 and the average life of options approved is 5.99 years.
The management of Tonbridge Power would like to thank all of the shareholders of the Company who took the time to attend, or vote by proxy at the meeting. All materials and an audio webcast associated with our annual meeting are available on our website www.tonbridgepower.com.
Tonbridge Power Inc. is a Toronto-based developer of electrical transmission assets, whose principle asset is a 100% interest in Montana Alberta Tie Ltd. Shares of the Company are traded on the TSX Venture Exchange under the symbol "TBZ".
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SOURCE TONBRIDGE POWER INC.
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 van Beers, Chief Operating Officer, Tel: (416) 850-2150, Email: email@example.com; Brisco Capital Partners Corp., Graeme A. Dick, Partner, Tel: (403) 313-9663, Email: firstname.lastname@example.org