TONBRIDGE POWER INC. - 2010 SECOND QUARTER RESULTS AND CONSTRUCTION PROGRESS
01 Settembre 2010 - 2:49AM
PR Newswire (Canada)
TORONTO, Aug. 31 /CNW/ -- 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 to proceed; Regulatory update - 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 with counterparties;
- 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; Financial Highlights - 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 accruals; - 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.
Should you wish to receive news via email, please email
info@tonbridgepower.com and specify "company news". 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. %SEDAR: 00020056E
Tonbridge Power Inc., Johan van't Hof, President and Chief
Executive Officer, (416) 850-2150, Email:
jvanthof@tonbridgecorp.com; Tonbridge Power Inc., Robert McFarlane,
Chief Business Officer, (416) 850-2150, Email:
rvanbeers@tonbridgecorp.com; Brisco Capital Partners Corp., Graeme
A. Dick, (403) 561-8989, Email: graeme@briscocapital.com; Please
Visit the Company's Website at: www.tonbridgepower.com
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