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VANCOUVER, BC, June 7, 2022 /CNW/ - Tribe Property Technologies (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company") has partnered with Wyse Meter Solutions (Wyse), a Canadian leader in smart submetering, ESG Reporting, electric vehicle (EV) charging, and utility expense management solutions. The partnership will bring Wyse's innovative services to Tribe buildings across Canada, boosting environmental sustainability, smarter operations, and a superior experience for residents.
"Utility submetering offers multifamily residential buildings a system to fairly distribute utility costs among their residents and can result in significant savings for residential rental properties, condo boards and strata corporations, as well as developers," said Tribe CEO Joseph Nakhla. "Wyse Meter Solutions not only offers solutions for the current needs of energy management, but the company is pioneering technology to solve growing environmental issues including sustainable in-suite heating and cooling and electric vehicle charging deployment."
Designed to easily integrate into a building's digital ecosystem and physical space, Wyse installs submeters for the measurement and billing of utility consumption of individual suites in bulk-metered buildings.
"We are excited to be teaming up with Tribe to bring convenient and effective energy management solutions to their growing portfolio," said Peter Mills, Wyse CEO. "Introducing submetering to provide residents with more visibility and control of their utility consumption is the most effective way to reduce utility costs and lower greenhouse gas emissions in the building. We are excited to commence this partnership and we expect to see it develop quickly to offer additional services tailored to making residents lives easier and the world a little greener."
Tribe manages approximately 40,000 homes made up of more than 100,000 residents. The Company's proprietary community management software Tribe Home is integrated into every community with its ability to connect, inform, educate, and protect through the digitization and simplification of residential community living.
About Tribe's Digital Partnership Program
Tribe receives compensation from partners for use of the Tribe Home platform. The Company's partners also commit to providing a special offering for Tribe's homeowners/tenants allowing them to take advantage of Tribe's group buying power. The type and amount of compensation varies from partnership-to-partnership but generally falls into one, or a combination, of the following models:
Commission: Tribe receives a one-time fixed or variable fee for each transaction that occurs through their platform; and/or
Residuals/Recurring: After the initial transaction, the Company receives ongoing revenue for as long as the service remains in place.
About Wyse Metering
Wyse is an industry leader in utility submetering, billing and expense management, and proudly serves the Canadian market coast to coast with over 220,000 suites under contract. Wyse submeters for electricity, water, thermal and natural gas, and provides billing solutions for additional services such as HVAC, EV Charging, Leak Detection and Internet services as well as ESG and sustainability reporting.
Wyse helps Canada's largest building owners, developers and property managers run smarter, environmentally sustainable buildings, so that residents and tenants thrive. They deliver customized contracts, property and financial management reporting, project management, quality hardware options, installations, billing services and seamless customer support. Visit www.wysemeter.com for more information.
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 service).
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
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 Company's Digital Partnership Program; the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the property 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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