Tonbridge Power Inc. Announces Financial Results
03 Maggio 2011 - 2:46AM
PR Newswire (Canada)
TORONTO, May 2 /CNW/ -- TSX Venture Exchange Symbol: TBZ TORONTO,
May 2 /CNW/ - Tonbridge Power Inc. (TSXV: TBZ) ("the Corporation")
today announced financial results for the year ended December 31,
2010. Net income for the year was $0.14 per share. The Company's
complete financial statements, management discussion and analysis
can be viewed on SEDAR at www.Sedar.com or on the Company's website
at www.tonbridgepower.com. "Design, procurement and construction
are now well advanced." said Johan van 't Hof, President and CEO.
"We are now actively preparing the company for the MATL projects
start and operation, while working on the last challenges of
completing construction this year." Significant Quarterly
Highlights Construction -- An initial notice to proceed was issued
on June 20, 2010 to commence construction on the substations and a
notice to proceed to start construction on the transmission line
was issued on August 4, 2010 starting with the section from the
Marias substation in Montana north to the border. On October 2, the
section from the border to Highway 61 was released for work, and on
January 10 the remaining part of the Alberta route, was further
released for construction for an aggregate total of 120 miles; --
Montana construction activities from the Marias Substation to the
international border are complete with the exception of a five
parcel segment, involving one landowner, just east of Cut Bank; --
All current activities on the Marias south to Great Falls section
are focused on finalizing easement acquisition; -- Alberta
construction commenced first south of Highway 61 and proceeded to
the border and was suspended for a few weeks, due to the spring
thaw as required by the permits. Right-of-way work is almost
completed except for two parcels, and 199 structures out of a total
of 312 in this section have been placed and/or erected on the
southern section; -- In Alberta, some of the H frame structures
have experienced subsurface compaction failure and a recovery plan
is in development by the contractor. The Corporation estimates that
the project is approximately four months behind schedule due to
construction challenges, and harsh weather delays. This recovery
plan may, amongst other things, include bringing in further
contracting capacity to provide for additional support; --
Substations - The construction work at MATL 120S, Marias and Great
Falls substations is on schedule for completion mid-summer,
substantially before commercial operation date; -- The PST arrived
in Lethbridge November 22, 2010 and was placed on the substation
pad shortly thereafter; oil filling will commence in the spring of
2011; Financial Highlights -- Interconnection agreements and other
settlement matters, permitting NaturEner to achieve construction
financial closing for their 309 MW Rim Rock project, are almost
complete; -- As of December 31, 2010, the Corporation has drawn a
total of US$108.3M under the Western construction facility, and a
received a further US$12.8M after the quarter end to pay accounts
payable and accruals; and -- The Project currently has an expected
$5.8M negative variance to its Project budget. Management is
currently working to clarify final costs for the land easement
process and to settle a project schedule recovery plan with RMC
which may result in further variances and which may require the
consideration of additional funding to complete the MATL
Transmission Line. Regulatory and Land Update -- Alberta SRB
Process - The SRB has issued 117 Right of Entry orders and rejected
none, all in line with MATL's AUC Permit; the last couple of Rights
of Entry orders remaining are expected imminently; -- Montana MDEQ,
("Montana Department of Environmental Quality") - MATL was granted
an amendment to its Certificate of Compliance to permit temporary
construction impacts in wetland buffer zones, and the right to
apply for statutory permits to impact wetlands on a temporary basis
under Sec 318 and 404. This amendment was requested to allow for
construction effectiveness and limit impacts of significant drive
arounds. Four persons appealed this amendment, and if successful
the terms of the original MDEQ permit would reapply; -- Montana
District Court Decision with respect to Eminent Domain - MATL has
appealed this decision to the Supreme Court in Montana; the Supreme
Court has indicated it will provide expedited hearing of the
appeal; and -- Montana House Bill 198 to restore the right of
eminent domain to public utilities and other qualifying entities-
has successfully passed the House and the Senate and has been sent
to the Governor of Montana for signature. 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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/02/c8669.html p
Tonbridge Power Inc.br/ Johan van 't Hof, President and Chief
Executive Officerbr/ (416) 850-2150 email: a
href="mailto:jvanthof@tonbridgepower.com"jvanthof@tonbridgepower.com/a
/p p Robert McFarlane, Chief Business Officerbr/ (416)
850-2150 email: a
href="mailto:rmcfarlane@tonbridgepower.com"rmcfarlane@tonbridgepower.com/a
/p p Brisco Capital Partners Corp.br/ Graeme A. Dickbr/ (403)
561-8989 email: a
href="mailto:graeme@briscocapital.com"graeme@briscocapital.com/a /p
p Please Visit the Company's Website at: a
href="http://www.tonbridgepower.com"www.tonbridgepower.com/a /p
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