London, Ontario, CANADA, November 20, 2014
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce that it has established a new corporation called International Marine Energy Inc. (IME). IME has acquired the interests of Tribute in Western Tidal Holdings, (WTH). It is the intent of Tribute to develop all further tidal power projects in Canada and internationally within IME. IME is currently a wholly owned subsidiary but Tribute is in negotiations with third parties to source financing and development expertise.
IME has been initially funded by a cash share contribution of $1 million from Tribute.
IME has assumed the interest of Tribute in Fundy Tidal Inc. (Fundy Tidal) and its projects. IME and Fundy are developing the 1.95MW small-scale tidal COMFIT project awarded to Fundy Tidal by the Province of Nova Scotia located at Digby, Nova Scotia, in the Digby Gut Limited Partnership. Both IME and Fundy Tidal will form and manage the project team to work with Dutch-based tidal turbine producer, Tocardo International BV, to commission the project which may include the installation of up to 16 of their T200 turbines and the design and development of a floating barge platform to house them.
The Digby Gut project is one of three COMFIT projects under development in Digby County by Fundy Tidal. IME and Fundy Tidal have also entered into a Right of First Refusal Agreement to develop and finance all current COMFIT projects and to collaborate on future projects in Atlantic Canada.
On November 6, 2014, IME closed the purchase negotiated by Tribute for a minority equity interest in Fundy Tidal shares. Fundy Tidal has elected two representatives of IME to its Board of Directors : Tribute President Jane Lowrie and IME Vice President Peter Budd. In addition, Jennifer Lewis, the CFO of TRB will also be appointed CFO of Fundy Tidal.
The purchase price for a 20% share interest in Fundy Tidal is the sum of $1,195,500. IME paid $597,750 on closing and will pay the balance on financial close of the Digby Gut Limited Partnership.
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 and natural resource projects, natural gas production, and green 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 and natural resource 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.