- Signed definitive agreement with the Technology and Innovation Banking arm of a Canadian Schedule A Bank provides a senior term and acquisition facility loan for up to $15 million.
- Proceeds from the Facility are expected to accelerate the Company’s growth through M&A activity and support Tribe’s future operating efficiencies.
Vancouver, British Columbia – October 12, 2023 – Tribe Property Technologies Inc. (TSXV:TRBE) (OTCQB US: TRPTF) (“Tribe” or the “Company”), a leading provider of technology-enabled property management solutions, is pleased to announce that it has signed a definitive loan agreement (the “Loan Agreement”) with the Technology and Innovation Banking arm of a Canadian Schedule A Bank, that provides a senior term loan facility (the “Facility”) for up to $15 million. The Facility consists of a $3 million operating line to support the Company’s working capital requirements and an M&A facility of $7 million with an additional accordion feature of $5 million, for a total of up to $15 million of non-dilutive capital. The definitive agreement was signed on Thursday, October 5, 2023 with an interest rate of prime + 2.65% per annum for both facilities.
“We are thrilled to announce this significant milestone for Tribe which further strengthens our commitment to strategic growth and financial stability,” said Joseph Nakhla, CEO of Tribe. “Executing this financing facility is an essential piece of our M&A growth strategy as it provides us with access to non-dilutive capital which will be beneficial to our long-term capital structure, as well as aid in accelerating our growth plans.”
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
1606 – 1166 Alberni Street, Vancouver, BC
For further information please contact:
Chief Financial Officer
Pardeep Sangha, Angad Capital
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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 Facility 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; the completion of this transaction; 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 several 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.