London, Ontario, CANADA, July 20, 2016
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce the purchase of a 46.5% stake in tidal and free-flow water turbines producer Tocardo International BV. Tocardo, located in Den Oever, the Netherlands has been developing and deploying its tidal turbines in rivers and ocean environments for over a decade. Tocardo is active in the design and production of tidal energy turbines as well as providing installation, operation, and maintenance services. Tribute and Tocardo will be moving forward working as a team to provide energy project development through site selection, feasibility studies, front end engineering design, business case development and financial and project engineering.
Tocardo owns the exclusive project development rights for 3 projects in the UK and the Netherlands having a combined potential of 24 MW, The projects are expected to be installed over the next 3 years. The Tocardo technology will also be installed to develop the Minas Tidal Bay of Fundy site in 2017-2018 jointly with IME (50% owned by Tribute) and Tribute. Tribute is committed to working with the Tocardo team and have identified over 90 MW of projects for installation over the next 5 years.
Tocardo’s most recent project in the Netherlands is the design, production and installation of five tidal turbines in the Eastern Scheldt storm surge barrier (Oosterschelde barrier) to generate clean energy. The installation is the largest tidal energy project in the Netherlands as well as the world’s largest commercial tidal installation of five turbines in an array.
Tribute has purchased all of the Huisman share interest, being 66.5 % of the outstanding Tocardo shares for consideration of euro 100,000 plus an agreement by Tocardo to assume loans to Huisman totaling euro 12 million over a 10 year period payable as a royalty on future turbine sales. Tribute has made an agreement with Tocardo management for a redistribution to management of 20% of the shares in consideration for all past obligations owing to management in the amount of euro 45,000 and an agreement with management to work with Tribute for a minimum period of 5 years to jointly execute the business plan. As such, the net shares being acquired by Tribute represent a 46.5% interest in Tocardo.
Huisman, a Dutch specialist in lifting, drilling and subsea solutions, purchased a majority stake in Tocardo in 2014. The transaction is consistent with Huisman’s strategy to divest activities in non-core businesses. “We are pleased that we have reached an agreement with Tribute Resources Inc,” said Joop Roodenburg on behalf of the Huisman Board. “This transaction will allow us to focus on our core activities and markets.”
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy company that was incorporated under the Business Corporations Act of the Province of Alberta on May 15, 1997. Tribute’s primary focus is on adding value to shareholders by investing in energy projects including market-based priced underground natural gas storage assets, and renewable energy projects in Canada. Tribute’s objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy projects that will generate stable long-term cash flow when fully developed. Tribute’s business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will create value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Certain statements in this press release may include “forward-looking” statements or information which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Tribute to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as “may”, “will”, “expect”, “anticipate”, “project”, “believe”, “plan”, “intend” and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by Tribute with applicable securities regulatory authorities. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Tribute to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward looking information and statements contained in this press release speak only as of the date hereof, and Tribute does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.
For further information on this press release please contact Jennifer Lewis, CFO of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.