Apr. 13, 2010 (Filing Services Canada) -- Tribute Resources Inc. (TRB - TSX Venture), a developer of renewable energy projects in Ontario, announces that it has been notified that Capital Power Corporation ( "Capital Power") has been offered a contract through the Ontario Power Authority's ("OPA") Feed-In-Tariff Program ("FIT") for the proposed Nanticoke and Port Dover wind projects (the "Project").
Tribute is entitled to a milestone payment of approximately $1.9 million upon the acceptance of a FIT contract by Capital Power. Tribute sold its interest in the Project, with a potential of 105 megawatts ("MW") to Capital Power on November 26, 2009 to allow Capital Power to submit the Project in a FIT application filed on November 30, 2009. Terms of the deal included an initial closing payment and three further milestone payments as the Project works its way through the FIT production program and Ontario's Renewable Energy Approval ("REA") process. Payments are due upon the offer and acceptance of a FIT contract, upon receipt of the REA, and a final payment on the Commercial Operation Date ("COD"). The Project is expected to achieve COD in the fourth quarter of 2012.
Tribute, through its wholly owned subsidiary, Nanticoke Limited Partnership, in addition, has a right to re-purchase a 10% non-voting interest in the Project at COD or to convert the COD payment to a 1.6% 20 year royalty interest in the Project upon COD.
About Tribute Resources Inc.:
Tribute is a Canadian energy company with a primary focus on adding value to shareholders by exploring for, developing and maintaining a long-term interest in renewable energy projects and market-based priced underground natural gas storage assets in the Province of Ontario. 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 believes that it is well positioned to take advantage of opportunities in the ongoing restructuring of the energy markets in Ontario and North America. Tribute's three business units - Underground Natural Gas Storage, Natural Gas Exploration, and Renewable Energy Development - are strategically aligned with the evolving energy market.
Forward-Looking Statements
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 Jane Lowrie, President of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.
Source: Tribute Resources Inc. (TSX-V: TRB) http://www.tributeresources.com
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