Tonbridge Power Inc. Announces Alberta Order-In-Council Granting Access to Surface Rights Board-Provides Land Access and Settlem
September 09 2008 - 6:03PM
Marketwired Canada
Tonbridge Power Inc. (TSX VENTURE:TBZ) ("Tonbridge" or the "Company"), through
its wholly-owned subsidiary as borrower, Montana Alberta Tie Ltd. ("MATL"), is
pleased to announce that on September 3, 2008 the Alberta cabinet signed into
power an Order-in-Council that designates the Alberta Surface Rights and
Compensation Board, ("SRB") as Alberta's provincial regulatory agency with
respect to land rights of entry and compensation elements for projects with
National Energy Board, ("NEB"), permits. This order (O.C. 435/2008) confirms the
jurisdiction of the Surface Rights Board for international power line projects
such as MATL that have been granted a Permit by the NEB and a Permit and License
by the Alberta Energy and Utilities Board. It delegates the authority to the SRB
to grant MATL immediate entry to lands along the route approved for MATL's
international transmission line should MATL and a landowner not be able to
negotiate a mutually satisfactory right-of-way agreement.
MATL's preference and continued focus remains the negotiation of mutually
acceptable terms of access directly with the landowners along its line route.
However, in the event that this is not achieved, immediate access to the
applicable land and the appropriate compensation to be paid to the landowner for
the rights granted, and the impacts associated with the construction and
operation of the international transmission line, would then be determined by
the SRB in accordance with its governing legislation.
This Order in Council provides certainty to MATL in gaining timely access to the
approved right-of-way and provides prompt recourse to the SRB for the landowner
as well. The SRB exercises its mandate under authority of the 1972 Surface
Rights Act and its process is well-understood given that the board has ruled on
numerous utility pipeline and transmission line access and compensation issues
within Alberta.
In response to this development Johan van't Hof, CEO, Tonbridge Power, remarked,
"This is an important and positive development in the completion of MATL's
regulatory progress. We appreciate the support of the Government of Alberta in
providing a proven path to resolving landowner issues using trusted mechanisms.
Our strong preference though, continues to be developing trusted relationships
with landowners through negotiated arrangements."
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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.