Tribe Property Technologies Completes Acquisition of Strata Management Assets from Warrington PCI Management
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VANCOUVER, BC, Jan. 9, 2023 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company") is pleased to announce the completion of its acquisition of a portfolio of strata property management assets from Warrington PCI Management ("WPM"). This acquisition (which we initially announced via press release on November 22, 2022) further strengthens Tribe's property management services across the Greater Vancouver region of British Columbia.
"This latest acquisition will serve to further fulfill our strategy of acquiring properties in strategic locations within strong markets through the digitization of this traditional space," said Joseph Nakhla, CEO of Tribe. "We would like to welcome these communities into the Tribe family and look forward to bringing our technology-enabled service delivery model to support their management.
Notable aspects of the acquisition are the expansion of Tribe's management of strata communities, adding over 2,043 additional units to its portfolio, including 886 units under construction.
To acquire this portfolio, Tribe has agreed to pay WPM up to $375,000, as follows:
$200,000 paid at closing;
two tranches of $37,500 each tranche payable in common shares of Tribe, with no greater than a total of 62,500 common share of Tribe to be issued at a deemed issue price no less than $1.20 per common share, upon the succession engagement of two additional properties, and;
$100,000 to be paid on February 5, 2024.
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
1166 Alberni Street, Suite 1606
Vancouver, British Columbia
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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. 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 aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the rental management sector; this acquisition and 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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