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MATL has entered into a number of transmission rights agreements, including with NaturEner, in respect of transmission capacity that will be made available through the construction and operation of an approximately 214 mile, 230kV AC transmission line between Lethbridge, Alberta and Great Falls, Montana and contemporaneous upgrading of the related Great Falls substation (together the "Project"). The Prepayment will be applied to construction costs relating to the Project. The completion of the proposed Prepayment will represent a significant component of the financing necessary for construction of the Project to proceed.
The terms of the Prepayment will be finalized in definitive agreements and are expected to include security interests in favour of NaturEner which will be subordinate to senior credit facilities entered into by the Company. Drawings on the Prepayment will be made rateably with and proportionate to any advances on senior credit facilities which are arranged in conjunction with the Project. Availability of the Prepayment will be subject to conditions precedent.
The letter of intent also calls for NaturEner to arrange with an investment grade counterparty to provide 10 years of investment grade credit support for its payment obligations.
Tonbridge Power Inc. is a Toronto-based developer of electrical transmission assets, whose principle asset is a 100% interest in Montana Alberta Tie Ltd. Shares of the Company are traded on the TSX Venture Exchange under the symbol "TBZ".
NaturEner USA, LLC is a wholly owned subsidiary of Spain-based Grupo Naturener, S.A. which develops, owns, and operates renewable energy facilities. NaturEner is now developing more than 1800MW of wind power in the United States and Canada and has its first windfarm in North America under commissioning.
Should you wish to receive news on Tonbridge via email, please email info@tonbridgepower.com and specify "company news".
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information", within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking information includes, but is not limited to, statements with respect to financing arrangements and related matters. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "proposed", "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 information is 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 information, including but not limited to: risks related to the financing or construction of the transmission line and the substation; 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 dated March 31, 2008 for the year ended December 31, 2007, 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 information, 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 information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE: Tonbridge Power Inc.
Tonbridge Power Inc. Johan van't Hof Chief Executive Officer (416) 850-2150 Email: jvanthof@tonbridgecorp.com Tonbridge Power Inc. Robert van Beers Chief Operating Officer (416) 850-2150 Email: rvanbeers@tonbridgecorp.com Website: www.tonbridgepower.com Brisco Capital Partners Corp. Graeme A. Dick Investor Relations Partner (403) 313-9663 Email: graeme@briscocapital.com
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