NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES.
Vancouver, British Columbia – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (“Tribe” or the “Company”) has partnered with Bluemyth Technologies (“Bluemyth”), a Canada-based internet application company that is bringing smart parcel delivery solutions to strata and condo buildings.
“We see this as an incredible opportunity to transform the community-living experience for those already living in multi-family residential communities in Canada,” said Joseph Nakhla, Tribe CEO. “Where upfront installation costs can be a common barrier for an existing strata or condo building, Bluemyth’s subscription-based model, inclusive of installation and maintenance fees, provides financial flexibility, while adding value to building.”
Tribe’s partnership with Bluemyth brings customized smart locker subscription services to Tribe communities, eliminating the need for residents to wait for parcels, while reducing the amount of time property managers and on-site staff, such as concierges, spend on managing the delivery of parcels. Tribe’s partnership team, with their deep understanding of strata and condo management, connects with Councils and Boards to navigate bylaws and set-up requirements, supporting the community through the process of bringing smart parcel solutions into the building.”
The surge in online shopping and home delivery isn’t showing any signs of slowing down. In 2021, Canadian shoppers made an average of 27.4 online purchases per year (up from 16.6 in 2019).[1] Ecommerce site, Shopify, reported record breaking sales this Black Friday and commented on the growing importance of having goods delivered to consumers doors.[2]
“With larger condo buildings seeing hundreds of package deliveries per day, a streamlined smart tracking system with storage capabilities is music to any property managers’ ears,” added Nakhla. “Our partnership with Bluemyth is indicative of how we are using technology to improve our managers’ and residents’ lives by delivering value-driven solutions to the building and community.”
Tribe’s Digital Partnership Program is focused on developing partnerships that elevate service offerings and convenience, while improving efficiencies and the overall benefits of living in a Tribe community. Tribe’s digital partners in turn receive the opportunity to connect with thousands of potential customers in strata and condo communities across Canada.
“We look forward to bringing our flexible, contactless, and secure locker solutions to Tribe communities to support the lifestyle and sustainable needs of residential communities, while freeing up property managers from managing hundreds of parcel deliveries. BlueBox, our smart parcel locker solution, will also positively impact the environmental aspect of Tribe Communities,” said Sheena Wang, COO of Bluemyth Technologies.
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 an offer for Tribe’s homeowners/tenants that is relevant to their home living, 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 Bluemyth Technologies
Bluemyth is an innovative smart hardware and mobile internet application company centered around the IoT platform. Established and based in Canada, Bluemyth’s mission is to strive to achieve a higher quality of life for Bluemyth users. Bluemyth Technologies Inc. aims to create and extend smart applications to enlighten people’s lives in North America.
Bluemyth Technologies Inc. has created a smart parcel locker solution called BlueBox, which optimizes parcel reception workflow while providing security for packages. BlueBox provides convenience for building management and residents by automating parcel delivery at an affordable rate. The concierge staff no longer needs to receive packages, and residents no longer need to miss their delivery or have their parcels stolen. The BlueBox Smart Parcel Locker Solution removes barriers for buildings to resolve last-mile delivery inefficiencies. BlueBox is revolutionizing intelligent and green technology, one building at a time. Visit www.Bluemyth.ca 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 three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.
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.
[1] https://www.canadapost-postescanada.ca/cpc/en/business/marketing/campaign/ecommerce-infographic.page
[2] https://ottawa.ctvnews.ca/black-friday-spending-up-in-2021-shopify-says-plus-5-of-the-hottest-items-1.5683993
ON BEHALF OF THE BOARD
“Joseph Nakhla”
Chief Executive Officer
Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1155 West Pender Street, Suite 419
Vancouver, British Columbia V63 2P4
Phone: (604) 343-2601
Email: joseph.nakhla@tribetech.com
For more information, please contact:
Corporate + Media
Jennifer Laidlaw
VP Communications and Marketing
Tribe Property Technologies
Jennifer.laidlaw@tribetech.com
778-837-4314
Investor Relations
Kin Communications
(604) 684-6730
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 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.