Tribe Property Technologies Announces Acquisition of Rental Management Assets from NAI Commercial Okanagan
Vancouver, BC – Tribe Property Technologies Inc. (TSXV: TRBE) (“Tribe” or the “Company”) is pleased to announce that it has agreed to acquire a portfolio of rental and commercial property management assets from NAI Commercial Okanagan, strengthening Tribe’s property management services in the Interior region of British Columbia.
“We are pleased to welcome this portfolio into our fold and look forward to bringing our tech-enabled service delivery model to these investment assets and commercial properties,” said Joseph Nakhla, CEO of Tribe. “This acquisition supports the strengthening of our service delivery in the high-growth Interior region of British Columbia, opening additional revenue streams, while bringing efficiencies through the digitization of these communities. This latest acquisition is a continuation of activities that identify great accretive assets that expand our footprint and digital services in under-served markets. ”
The acquisition expands Tribe’s management of single unit rentals (commonly vacation rentals or single unit investment properties), rental-purpose apartment buildings, as well as its commercial building management portfolio. The Company has two offices already in the region in Kamloops and Kelowna and has deployed its platform in several communities.
“We are excited to be joining an innovative company that is solving traditional challenges with new technologies,” said NAI Commercial Okanagan principal Mr. Tony Parmar. “Tribe has figured out a model to build the infrastructure required to provide tech-enabled services and elevate the rental property management industry, and we wanted to be a part of that journey.”
In exchange for the assets, Tribe has agreed to pay NAI Commercial Okanagan $250,000, payable as follows:
- $150,000 payable on the closing date;
- $50,000 payable in common shares of Tribe; and
- $50,000 payable on the date that is 90 days following the closing date subject to certain adjustments based on revenue and customer contracts.
Closing is expected to occur on or about November 1, 2021 and is subject to receipt of TSX Venture Exchange approval and satisfaction of customary conditions and documentation. On closing, NAI Commercial Okanagan principal Mr. Tony Parmar will join Tribe as a senior member of our Okanagan team.
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
Chief Executive Officer
Tribe Property Technologies Inc.
Chief Executive Officer
1155 West Pender Street, Suite 419
Vancouver, British Columbia
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Corporate + Media
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Tribe Property Technologies
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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, which may include, but are not limited to, statements with respect to the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the condo and rental management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; and prospective benefits of the Company’s platform. 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. These forward-looking statements or information may relate to proposed financing activity, proposed acquisitions, proposed success of the Company’s platform, regulatory or government requirements or approvals, the reliability of third-party information 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.
This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Company has not registered and will not register the securities under the U.S. Securities Act. The Company does not intend to engage in a public offering of their securities in the United States.