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VANCOUVER, BC, May 12, 2022 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company") is pleased to announce that it has agreed to acquire Southview Property Management Inc. ("Southview"), an arm's-length party, strengthening Tribe's presence in the greater Vancouver region of British Columbia. The companies signed this agreement, today May 12, 2022.
"We are looking forward to welcoming the Southview team and their wealth of experience in both strata and rental management into the Tribe family," said Joseph Nakhla, CEO of Tribe. "Southview's Richmond office expands our presence in the Lower Mainland of British Columbia, creating additional revenue streams while bringing efficiencies through the digitization of their communities."
The acquisition is a continuation of Tribe's acquisition strategy that identifies optimal operational opportunities and continues to expand the Company's local footprint and digital services.
"Our team is excited to be joining a customer-focused company that is solving traditional property management challenges with new technologies and operational efficiencies that will improve the level of service we can provide for our clients," said Southview Principal, Jeff Wolrige.
In exchange for all of the outstanding share capital of Southview, Tribe has agreed to pay $600,000 to the existing shareholders of Southview, payable as follows:
(a) $200,000 payable on the closing date;
(b) $300,000 payable in common shares of Tribe (the "Consideration Shares"); and
(c) $100,000 payable on the date that is 90 days following the closing date subject to certain adjustments based on revenue and customer contracts.
The issue price of the Consideration Shares will be equal to the twenty-day weighted average closing price immediately prior to completion of the acquisition. All Consideration Shares issued will be subject to a voluntary lock-up from which one-third of the Consideration Shares will be released every six months for a period of eighteen months. Tribe has the option to reduce the Consideration Shares by 50% in exchange for a cash payment of $150,000 at Closing. Tribe will assume Southview's $40,000 Canadian Emergency Business Account loan as part of this transaction.
Closing is expected to occur on or about June 30, 2022 and is subject to receipt of TSX Venture Exchange approval and satisfaction of customary conditions and documentation. On closing, Southview principal Jeff Wolrige will join Tribe as a Senior Community Manager.
No finder's fees were paid or payable in conjunction with this transaction.
About Tribe Property Technologies
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.
ON BEHALF OF THE BOARD
"Joseph Nakhla"
Chief Executive Officer
Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1155 West Pender Street, Suite 419
Vancouver, British Columbia
V63 2P4
(604) 343-2601
joseph.nakhla@tribetech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Forward-looking statements or information in this news relate may relate to statements with respect to: the acquisition of Southview and closing thereof; Mr. Jeff Wolrige joining the Company on closing of the acquisition of Southview; the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the rental management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; prospective benefits of the Company's platform; and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Company does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
SOURCE Tribe Property Technologies Inc.
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