April 26, 2024, Vancouver, British Columbia – Tribe Property Technologies Inc. (the “Issuer” or the “Company”) (TSXV:TRBE, OTCQB US:TRPTF), a leading provider of technology-elevated property management solutions, today announced that it expects to complete and file its 2023 Annual Filings (as defined below) on or before May 15, 2024.
Because the 2023 Annual Filings will be filed following the requisite filing date of April 29, 2024, the Company has applied to the British Columbia Securities Commission (the “BCSC”) for a management cease trade order (“MCTO”) that will prohibit the Chief Executive Officer and the Chief Financial Officer, and such other directors, and officers of the Company from trading in the securities of the Company until such time as the 2023 Annual Filings have been filed. The BCSC has yet to make a decision on the aforementioned application and there is no guarantee the BCSC will grant the MCTO.
The anticipated default is due primarily to the delayed receipt of an expert report with respect to goodwill. The proposed filing timeline will provide the Company’s auditor with sufficient time to complete the report. Management notes that there are no disagreements or major unresolved issues with the auditor on any matter of the audit scope or procedures, accounting principles or policies, or financial statement disclosure.
The annual filings consist of: (a) the audited financial statements of the Company for the twelve-month period ended December 31, 2023; (b) the management’s discussion & analysis for the twelve-month period ended December 31, 2023; and (c) the Chief Executive Officer and Chief Financial Officer certification of filings under Section 5.1 of National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “2023 Annual Filings”).
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in 10 of NP 12-203 and issue bi-weekly default status reports for so long as it remains in default of the requirement to file the 2023 Annual Filings. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.
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
“Joseph Nakhla”
Chief Executive Officer
Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1606 – 1166 Alberni Street, Vancouver, British Columbia
V6E 3Z3
Phone: (604) 343-2601
Email: joseph.nakhla@tribetech.com
For more information, please contact:
Angelo Bartolini
President & Chief Financial Officer
Phone: (604) 398-4161 x.7715
Email: angelo.bartolini@tribetech.com
Pardeep Sangha
Investor Relations
Email: ir@tribetech.com
NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES.
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 release may relate to statements with respect to the MCTO and 2023 Annual Filings; 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.