Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce that it has executed an agreement to sell its 25% interest in the Huron Tipperary Limited Partnership I (“HTLP”) and Huron Gas Corp to Union Gas Limited. Union Gas Limited had indicated to Tribute that it wished to consolidate its interest in these assets and Tribute saw this as an excellent opportunity to utilize the funds to be received for other renewable energy projects that Tribute has been pursuing.
As a result of this sale transaction, Union Gas Limited will own 100% of HTLP and Huron Gas Corp., the general partner for HTLP. Although the agreement of purchase and sale has been fully executed, the closing of this transaction is conditional upon Union Gas Limited obtaining Ontario Energy Board approval for the transaction. Upon closing, Tribute will receive $2.25 million for the sale of these assets.
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 and natural resource 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 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.