London, Ontario, CANADA, December 5, 2014
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce that it sold a 50% interest in International Marine Energy Inc. (IME) to Mark and Chad Himmelspach and related entities (collectively referred to as “Himmelspach”). IME is now owned 50% by Tribute and 50% by Himmelspach.
IME has acquired the interests of Tribute in Western Tidal Holdings (WTH) in consideration for milestone payments based upon the success of future developments in British Columbia. WTH is now a wholly owned subsidiary of IME and IME will be responsible for the future development of WTH assets.
IME has also recently acquired an interest in Fundy Tidal Inc. and its various projects in the narrows between the Bay of Fundy and Saint Mary’s Bay in Nova Scotia. These projects have an attractive COMFIT Tariff and are the focus of IME’s first tidal installs.
IME has been initially funded by cash share contributions from each of Tribute and Himmelspach.
IME and Tribute also wish to announce the establishment of a new corporation, Quémar Grand Nord Inc. (Quémar) on November 21, 2014. Quémar is as a wholly owned subsidiary of IME. Quémar is currently involved in researching opportunities to build tidal projects in Northern Portion of the Province of Québec with a view to utilizing this experience in Northern Québec for application in other cold weather environments.
The combined strengths of the Tribute development team and Mark Himmelspach will allow for expanded focus on tidal and marine projects both in Canada and internationally.
Mark Himmelspach will be the Chief Executive Officer and brings extensive experience in energy marketing and trading, financing, and project development. Mark, a resident of Calgary, Alberta, was previously a partner in Northridge Canada and a senior executive at TransCanada Energy, the non-regulated subsidiary of TransCanada Pipelines. Mark’s financial and project development skills will supplement the Tribute team’s extensive project expertise.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy and natural resource 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 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.