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VANCOUVER, BC, Nov. 22, 2022 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company") is pleased to announce that it has agreed to acquire a portfolio of strata property management assets from Warrington PCI Management ("WPM"), continuing to grow Tribe's property management services across the Greater Vancouver region of British Columbia.
"We are pleased to welcome WPM's strata portfolio into our fold, including two large developments currently under construction, and we look forward to bringing our tech-enabled service delivery model to support the management of these homes," said Joseph Nakhla, CEO of Tribe. "This acquisition supports the continuous growth of our service delivery and bridges a relationship with WPM, whereby we can offer our property management services to future residential strata projects in BC."
The acquisition expands Tribe's management of strata buildings in the Greater Vancouver area, adding over 2131 additional units to its portfolio, including 886 currently under construction.
Tribe has agreed to pay WPM up to $375,000, payable as follows:
- $250,000 payable on the closing date;
- Two tranches of $37,500, each tranche payable in common shares of Tribe, upon the successful engagement of two additional properties, and
- $50,000 payable upon the date that is one-month after the first anniversary of the closing date, subject to adjustment.
The closing date is expected to occur in early December 2022, subject to receipt of TSX Venture Exchange approval and satisfaction of customary closing conditions and documentation.
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
1606-1166 Alberni Street
Vancouver, British Columbia
V6E 3Z3
(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 the WPM assets and closing thereof; 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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