TSX Venture Exchange
TORONTO, Sept. 26, 2011 /CNW/ - Tonbridge Power Inc. (TSXV: TBZ) ("Tonbridge" or the "Corporation") is pleased to announce that the special meeting of shareholders held
today to vote on the acquisition of Tonbridge by Enbridge Inc. pursuant
to a plan of arrangement resulted in overwhelming support for the
acquisition to proceed.
A total of 15,564,769 votes, representing 99.04% of the total votes cast
at the meeting, were cast in favour of the acquisition, which is
expected to be effected by way of a plan of arrangement under the
Ontario Business Corporations Act.
An application for the final order approving the plan of arrangement
will be heard by the Ontario Superior Court of Justice on September 28,
2011. Assuming final approval is given by the court, completion of the
acquisition is expected to occur after the remaining regulatory
approval under the Canada Transportation Act has been obtained, and could occur as early as September 30, 2011. The
transaction is conditional on closing occurring by October 14, 2011.
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.
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 the closing of the transaction. 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
Management Discussion & Analysis for the six months ended June 30,
2011, 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:
Robert van Beers, Chief Executive Officer (416) 850-2150
Robert McFarlane, Chief Financial Officer (416) 850-2150
Brisco Capital Partners Corp.
Graeme A. Dick, Partner (403) 561-8989
Please Visit the Company's Website at: www.tonbridgepower.com