TSX Venture Exchange
TORONTO, June 13, 2011 /CNW/ - Tonbridge Power Inc. (TSXV-TBZ), the
parent company of Montana Alberta Tie Ltd., announced today that Chief
Executive Officer ("CEO") Mr. Johan van 't Hof has decided not to seek
reappointment as a Director at the company's Annual General Meeting on
June 28, 2011 and will step down as CEO at that time. Mr. van 't Hof
has been CEO for the past seven years, guiding the MATL transmission
project from its inception into the construction phase. He will
continue as a Special Advisor to the Tonbridge Board.
"It's the right time for me to make a change and pursue other
opportunities," Mr. van 't Hof said. "I've led this team through a
challenging process and I'm very proud of our accomplishments, but it's
time to pass the reins to others."
Mr. Robert van Beers, Tonbridge's Chief Operations Officer ("COO"), will
be appointed by the Tonbridge Board as the new CEO with effect on June
28. Mr. van Beers, who retains his role as President of the company's
operating subsidiary MATL, will continue to oversee the MATL
Also stepping down effective June 28 is Ms. Caren Narvet, the company's
Chief Financial Officer ("CFO"). Ms. Narvet will advise the company
over the next several months in the transition to new financial
leadership. Mr. Robert McFarlane, the company's Chief Business
Officer, will succeed Ms. Narvet as CFO. Mr. Ryan Farquhar will remain
as Vice President and General Counsel. Mr. McFarlane and Mr. Farquhar
will report to Mr. van Beers.
"Both Mr. van 't Hof and Ms. Narvet have worked long and hard, and their
efforts are appreciated," Board Chairman John Etchart said. "Tonbridge
started as a simple dream and has come a long, long way. Now, we
believe our new team will provide excellent leadership in the
successful completion of the MATL project and the achievement of our
Tonbridge Power is a Toronto-based developer of power transmission
projects, and parent company of the MATL cross-border transmission
project. MATL will interconnect the electricity markets of Alberta and
Montana and, once completed, will be the first power transmission line
of its kind between Montana and Alberta.
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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 Company's MD&A for the year ended December 31,
2010 and Annual Information Form for the year ended December 31, 2009,
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 McFarlane, Chief Business Officer
Ph: (416) 850-2150 or email: firstname.lastname@example.org
Brisco Capital Partners Corp.
Graeme A. Dick, Partner
Ph: (403) 561-8989 or email: email@example.com
Please Visit the Company's Website at: www.tonbridgepower.com