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VANCOUVER, BC – Tribe Property Technologies (TSXV: TRBE) (“Tribe” or the “Company”) has partnered with Fresh Prep, a Canadian meal delivery service, to bring convenient and sustainable meals directly to Tribe communities across British Columbia and Alberta.
“Fresh Prep is a great Canadian partner that is focused on zero waste which we love, and the tremendous appetite for food delivery services particularly through the pandemic has not gone missing on us – all great reasons to have Fresh Prep, a local leader in the rapidly growing meal kit industry, join our Digital Partnerships Program. We’re especially pleased that we negotiated with Fresh Prep a discount offer for our communities,” said Tribe CEO Joseph Nakhla.
With the pandemic hitting the hospitality industry hard the past 18-months, companies offering meal delivery services have been one of the few to see an upswing in revenue as more and more consumers opt for in-home dining. According to a Nielsen report, 49% of Gen Z purchased online meal kits in 2020 and that number is expected to grow for 2021[1]. Meanwhile, Fresh Prep’s revenue has grown 540% over the past three years, with the company announcing the close of a $21-million Series B funding round in September[2].
“We are in an exciting growth phase, making this the perfect time to team with a likeminded and expanding organization such as Tribe,” said Fresh Prep Co-Founder and Chief Operating Officer Husein Rahemtulla. “Tribe is committed to bringing unique opportunities that support the health and wellbeing of its communities.”
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. Fresh Prep offers are available to owners and tenants in applicable communities through Tribe Home.
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 a special offering for Tribe’s homeowners/tenants 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 Fresh Prep
Fresh Prep is Western Canada’s most convenient and sustainable meal kit delivery service. Fresh Prep exists to deliver convenient and sustainable solutions to everyday food challenges. Their vision is to create a world where people can have convenient and healthy food that upholds the values of quality, a sense of community and sustainability. This service is currently offered in over 25 municipalities across British Columbia and Alberta, and growing. Fresh Prep is a Certified B Corporation®, dedicated to doing business that balances purpose and profit.
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 business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnerships (smart building products, financial and insurance service).
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.
[2] https://biv.com/article/2021/09/investors-dish-out-21m-vancouver-meal-kit-service-fresh-prep
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
(604) 343-2601
joseph.nakhla@tribetech.com
For further information, 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
IR@tribetech.com
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 relate may relate to statements with respect to: the Company’s Digital Partnership Program; 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.