London, Ontario, CANADA, May 31, 2018
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), announces that it has filed its Audited Consolidated Financial Statements and related Management Discussion and Analysis for the year ended December 31, 2017 on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Copies of these documents can be found on the SEDAR website at www.sedar.com. The 2017 financial statements have been filed under the International Financial Reporting Standards and were filed late due to delays in Tribute’s annual audit.
Tribute recorded a loss of $1,069,630 for the year ended December 31, 2017 compared to a loss of $1,908,757 for the year ended December 31, 2016 which includes a provision for decline in the value of assets for 2017 in the amount of $627,511.
Tribute had working capital of $217,200 as at December 31, 2017 compared to working capital of ($1,542,124) for December 31, 2016. Cash flow from operations for 2017 showed a loss of $744,663 compared to a loss of $1,096,162 in 2016. Net cash flow for the year ended December 31, 2017 decreased by $217,964 compared to a net cash decrease of $123,804 in 2016.
Capital expenditures totaled $2,211,199 in 2017 compared to expenditures of $844,780 during 2016. Included in this amount for the period ended December 31, 2017 is $294,671for energy projects under development, $nil for exploration and evaluation assets, and $nil for property and equipment. For the year ended December 31, 2016 capital expenditures were as follows: $276,850 for energy projects under development, $nil for property and equipment and $nil for exploration and evaluation assets.
About Tribute Resources Inc.
Tribute is a Canadian publicly traded energy company 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 developing and maintaining a long-term interest in renewable energy projects. 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 operational. 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 creates 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 energy related asset base. For more information please visit www.Tribute resources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information or a copy of the reports contact:
Jennifer Nisker CFO, Tribute Resources Inc. 2807 Woodhull Road, London, ON N6K 4S4 (519) 657-7624
Forward-Looking Information and Statements
This document contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “feels”, “may”, “will”, “would”, “believe”, “plans”, “intends”, “possible”, “future” and similar expressions are intended to identify forward-looking information or statements. This forward-looking information and the related statements are based upon factors, expectations and assumptions reflected in the forwardlooking statements that are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements contained in this news release are based upon several material factors, expectations and assumptions of Tribute including, without limitation: that Tribute will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of sources to fund Tribute’s capital and operating requirements as needed; and certain commodity price and other cost assumptions.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information and statements including, without limitation: general economic, market and business conditions; the impact of specific oil & gas and renewable electricity industry conditions; volatility in market prices for crude oil, natural gas and other renewable forms of energy; availability of financing and capital; the ability of Tribute’s customers to pay in a timely manner; changes in commodity prices; imprecision of reserve estimates; unanticipated operating results; environmental risks; electricity grid conditions; delays or changes in plans with respect to development projects or capital expenditures; changes in tax or environmental laws or royalty rates; limited, unfavourable or no access to debt or equity capital markets; increased costs and expenses; the impact of competitors; reliance on industry partners; circumstances may arise, including changes in accounting policies, regulations or economic conditions, which could change the assumptions, estimates or expectations or the information provided; shareholder value may not be maximized by Tribute or at all; there may be circumstances where, for unforeseen reasons, a reallocation of funds may be necessary as may be determined at the discretion of Tribute and there can be no assurance as at the date of this disclosure as to how those funds may be reallocated; should any one of a number of issues arise, Tribute may find it necessary to alter its current business strategy and/or capital expenditure program; fluctuations in interest rates; demand for Tribute’s product and services; adverse conditions in the debt and equity markets; and government actions including changes in environment and other regulation; and certain other risks detailed from time to time in Tribute’s public disclosure documents including, without limitation, those risks identified in this document. The forward-looking information and statements contained in this document speak only as of the date of this document, 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.