London, Ontario, CANADA, August 24, 2016
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce the appointment of Mr. Hans van Breugel to the Tribute Board of Directors and Mr. Mark Savory as Tribute’s new Vice President of Operations & Project Delivery. The appointment is subject to the approval of the TSX Venture Exchange.
Mr. Hans van Breugel is the President and CEO of Tocardo International BV (“Tocardo”), a Dutch founded and based company and global leader in tidal energy solutions. Within Tocardo Hans is responsible the daily management and strategy; execution of the business plan; attraction of additional finance; and takes final responsibility. With his extensive offshore background Hans leads Tocardo with a focus on very low maintenance and high reliability which result in a total cost of ownership and a total cost of energy for Tocardo turbines that is lower than any other technology.
Tribute is very pleased to have Hans join the Tribute team as a member of the Board of Directors. In July 2016, Tribute purchased a 46.5% interest in Tocardo and Tribute plans to utilize the technology of Tocardo for tidal energy projects in Nova Scotia and British Colombia. The acquisition of Tocardo provides Tribute access to world-wide investments in tidal projects.
Mr. Mark Savory has been involved in the energy and infrastructure industry with responsibilities to develop the commercial contracts and deliver projects for over 30 years while with Emera Inc. and its various subsidiaries in senior leadership roles. Over the past 4 years Mark has been involved in energy storage, wind and tidal energy projects with various parties. Tribute is very pleased to have Mark join the Tribute team as Vice President of Operations & Project Delivery.
Mr. Savory will lead the Nova Scotia project delivery as President of Minas Tidal Inc. (“Minas Tidal”). Minas Tidal is developing a 4 MW tidal project in Berth A at the Fundy Ocean Research Centre for Energy (“FORCE”) in the Bay of Fundy. Minas Tidal has purchased the project from a Minas Energy affiliate. The Nova Scotia based Minas Energy team will continue to work with Mark Savory and the Tribute team to develop and build our Nova Scotian projects.
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 Nisker, CFO of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.