VANCOUVER, BC, June 9, 2022 /CNW/ - Tribe Property Technologies Inc. ("Tribe" or the "Company") (TSXV: TRBE) announces that it has filed a Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") with the TSX Venture Exchange (the "TSXV"), which will allow the Company to purchase outstanding common shares of the Company ("Shares").
The Company plans to implement the NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Company's business and its future prospects. Accordingly, the Company believes that having the ability to purchase the Shares will be in the interest of the Company and represents an opportunity to enhance unitholder value.
Under the NCIB, the Company may acquire up to an aggregate of 907,337 Shares over the 12-month period commencing on June 13, 2022 and ending on June 12, 2023, representing approximately 10% of the "public float" (calculated in accordance with the policies of the TSXV) as of May 31, 2022. Additionally, under the NCIB, the Company may not acquire more than 2% of the issued and outstanding Shares in any 30-day period.
Purchases subject to the NCIB will be carried out pursuant to open market transactions through the facilities of the TSXV and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the Shares at the time of purchase. All Shares purchased by the Company under the NCIB will be returned to treasury and cancelled. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the Board of Directors of the Company. The NCIB will be conducted through PI Financial Corp. ("PI"), a member of the TSXV, and made in accordance with the policies of the TSXV.
The funding for any purchases pursuant to the NCIB will be from the working capital of the Company. In connection with the NCIB, the Company has entered into an automatic purchase plan ("APP") with PI as the designated broker. The APP provides a set of standard instructions to PI to make purchases under the NCIB in accordance with the limits and other terms set out in the APP. PI will determine the timing of these purchases in its sole discretion based on purchasing parameters set by the Company and subject to the policies of the TSXV, applicable securities laws and the terms of the APP.
To the Company's knowledge, none of the officers, or other insiders of the he Company, or any associate of such person, or any associate of affiliate of the Company, has any present intention to sell any Shares to the Company pursuant to the NCIB. The Company has not previously purchased for cancellation any of its outstanding Shares.
A copy of the Company's notice with respect to the NCIB filed with the TSXV may be obtained, by any shareholder without charge, by contacting the Company's Corporate Secretary, Mr. John Tims, by telephone at 604-398-4161 (ext. 700) or by email at CS@tribetech.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of the Shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Tribe Property Technologies
Tribe is a property technology company that is digitizing 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's business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups), and digital services and partnerships (smart building products, financial and insurance services).
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) accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
This news release contains certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including statements relating to the expected implementation of the NCIB and the Company's goals and strategy. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital market conditions, and stock market volatility. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.
SOURCE Tribe Property Technologies Inc.
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