London, Ontario, CANADA, April 30, 2015
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), announces that it has filed its Audited Consolidated Financial Statements, related Management Discussion and Analysis, and information regarding its reserves for the year ended December 31, 2014 on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Please note that the Audited Consolidated Financial Statements were filed twice as the statements filed on April 29, 2015 were incomplete. Copies of these documents can be found on the SEDAR website at www.sedar.com.
The 2014 financial statements have been filed under the International Financial Reporting Standards.
Tribute recorded a loss of $1,448,244 for the year ended December 31, 2014 compared to a gain of $5,741,461 for the year ended December 31, 2013 which includes a provision for decline in the value of assets for 2014 in the amount of $3,697,945. The loss was partially due to a substantial, one-time impairment write down of the Bayfield storage assets, a write down of the Western Tidal Holdings assets and a write down of the Mar Silver Birch Limited Partnership Units.
Tribute had working capital of $370,420 as at December 31, 2014 compared to working capital of ($2,803,461) for December 31, 2013. Cash flow from operations for 2014 showed a loss of $2,115,063 compared to a loss of $1,535,896 in 2013. Included in the net cash flow is investment of property and equipment of $3,063,800 related to the purchase of natural gas reserves and related equipment as well as an investment of $1,000,000 to purchase shares of International Marine Energy Inc. Capital expenditures totaled $220,940 in 2014 compared to expenditures of $210,902 during 2013. Included in this amount for the period ended December 31, 2014 is $220,940 for energy projects under development, $nil for exploration and evaluation assets, $nil for property and equipment. For the year ended December 31, 2013 capital expenditures were as follows: $210,902 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 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, natural gas reserves 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. Tribute’s goal is to become one of the leading independent, market-based priced energy providers in Ontario by integrating gas storage and renewable resources to provide reliable, environmentally friendly energy to customers at competitive market-based prices.
Certain statements in this press release may include “forward-looking” statements 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”, 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.
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.