Tonbridge Power Announces work stoppage on MATL Project and new ruling from Montana Supreme Court
June 08 2011 - 1:45PM
PR Newswire (Canada)
TORONTO, June 8, 2011 /CNW/ -- TSX Venture Exchange Symbol: TBZ
TORONTO, June 8, 2011 /CNW/ - Tonbridge Power Inc. (TSXV-TBZ)
announced today that construction activities on the MATL project
have been halted pending resolution of a dispute with its EPC
contractor. The company is working toward a resumption of
construction as quickly as possible with a view to meeting the
company's goal of delivering an operating transmission line by late
2011. The company is pleased to also announce that the Montana
Supreme Court yesterday reversed the December 12, 2010 District
Court decision which had denied MATL a possession order in an
action against landowner Larry Salois. The lower court decision was
reversed on the basis that House Bill 198 is now law and provides
MATL with eminent domain authority to acquire easements for the
line when negotiations do not succeed. The Supreme Court found that
the earlier ruling was in conflict with current law and that House
Bill 198 applied retroactively to MATL. The Supreme Court remanded
the Salois case to the District Court, effectively returning the
proceedings to the point at which MATL had asked for a possession
order. The Supreme Court ruling clears up some uncertainty
regarding the remaining land acquisition options for MATL, and the
company looks forward to concluding negotiations with Mr. Salois
and all other landowners on the route of the line. Tonbridge Power
Inc. is a Toronto-based developer of electrical transmission
assets, whose principal asset is a 100% interest in Montana Alberta
Tie Ltd. ("MATL"). 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 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 ol this release. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/08/c3994.html p
bRobert McFarlane, Chief Business Officer/bbr/ (416) 850-2150
email: a
href="mailto:rmcfarlane@tonbridgepower.com"urmcfarlane@tonbridgepower.com/u/a
/p p bBrisco Capital Partners Corp/bbr/ Graeme A. Dick, Partnerbr/
(403) 561-8989 email: a
href="mailto:graeme@briscocapital.com"ugraeme@briscocapital.com/u/a
/p p Please Visit the Company's Website at: a
href="http://www.tonbridgepower.com"uwww.tonbridgepower.com/u/a /p
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