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VANCOUVER, BC, July 12, 2022 /CNW/ – Tribe Property Technologies Inc. (TSXV: TRBE) and (OTCQB: TRPTF) (“Tribe” or the “Company”) is pleased to announce that it has agreed to acquire a portfolio of strata property management assets from Martello Property Services Inc. (“Martello”), continuing to grow Tribe’s property management services across the Greater Vancouver region of British Columbia.
“We are pleased to welcome this Martello portfolio into our fold and 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 in the Vancouver region, expanding our revenue streams, while bringing efficiencies through the digitization of these communities.”
The acquisition expands Tribe’s management of strata buildings in the Greater Vancouver area, adding over 1,500 additional units to its portfolio.
To acquire this portfolio, Tribe has agreed to pay Martello up to $720,000, payable as follows:
- $475,000 payable on the closing date;
- $75,000 payable on the date that is thirteen (13) months after the closing date; and
- Up to $170,000 payable upon the future delivery of property management contracts related to buildings that are currently under development.
Closing is expected to occur on or about July 31, 2022, subject to satisfaction of customary closing conditions and documentation.
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.
The Martello Group was founded in 1988 in Vancouver, BC to provide bespoke property management services. The now second-generation family-owned real estate service company provides rental management services to commercial and multi-family properties, single units and furnished rentals. Headquartered in Vancouver with regional offices in Calgary, Edmonton and San Francisco, Martello Group continues to focus their property management operations with a hands-on approach and a dedicated team. Visit Martello Group 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.
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 Martello 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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