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VANCOUVER, BC – Tribe Property Technologies (TSXV: TRBE) (OTCQB:TRPTF) (“Tribe” or the “Company”) has partnered with UmbraCity, a network of fully automated, smart umbrella rental kiosks that provide on-demand access to umbrellas for communities. The partnership would bring UmbraCity’s hotel concierge-like service to Tribe buildings across the Lower Mainland, elevating lifestyle and convenience in Tribe communities.
“It rains a lot in Vancouver. That is a fact. UmbraCity offers an extremely practical service that adds convenience for residents and is sustainable for the larger community as well,” said Tribe CEO Joseph Nakhla. “Just think, no more searching for an umbrella or getting caught out in a downpour as you leave your home. It can be the smallest of things that have the biggest impact on our day.”
From transportation and accommodation to retail and consumer goods, the popularity of the “sharing economy” or “collaborative consumption” continues to increase as a direct reflection of Canadians’ preference to rent or borrow goods rather than buy or own them. In 2015 PwC had estimated that by 2025 the sales revenue from the sharing economy will have risen to $335 billion USD, likely much higher now given the impact of the pandemic.[1] The transition to an economy that shares physical assets is not only more cost effective, but is more sustainable on the environment with an overall reduction in resources and pollutants, emissions, and carbon footprints.
“We are excited to bring our unique amenity to Tribe buildings and expand our reach across the Lower Mainland,” said Amir Entezari, CEO of UmbraCity. “UmbraCity partners with customer-centric properties that provide world-class amenities to their tenants and community members. With an UmbraCity kiosk in the building, community members will be able to move around the city whenever and wherever without worrying about bringing an umbrella or getting drenched in the rain.”
UmbraCity’s service includes a fleet of drivers that replenishes stock, wherever their kiosks are located, when availability is low.
[1] https://www.pwc.com/hu/en/kiadvanyok/assets/pdf/sharing-economy-en.pdf
About UmbraCity
Launched in 2015, UmbraCity is a Vancouver based company that offers an innovative and easy way to put an umbrella in everyone’s hand when they need it. Their network of fully automated, smart umbrella rental kiosks provides on-demand access to umbrellas for commuters and offers an effective platform for value-based marketing and advertising. Visit UmbraCity.com 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 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.
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 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.