- Tribe has appointed Angelo Bartolini as President and CFO of the Company. Mr. Bartolini will undertake the President role in the Company in addition to his duties as Chief Financial Officer (CFO).
- Tribe expects to report record revenue for Q4-2023, driven by the Meritus acquisition. Tribe has an active acquisition program having completed 12 acquisitions to date, and a robust acquisition pipeline going forward.
- Improving profitability has been the major focus for Tribe in the last few quarters and the team is continuing to work towards its goals through the implementation of workflow optimizations, consolidation of back-end services and subscriptions, and other cost reduction initiatives.
February 1, 2024, Vancouver, British Columbia – Tribe Property Technologies Inc. (TSXV: TRBE; OTCQB US: TRPTF) (“Tribe” or the “Company”), a leading provider of technology-elevated property management solutions, is pleased to provide the following corporate update.
Angelo Bartolini Promoted to President and CFO Role
Tribe is pleased to announce the appointment of Angelo Bartolini as President of the Company, in addition to his duties as the Company’s Chief Financial Officer. Mr. Bartolini who joined the Company in October 2023 is an accomplished executive leader with over 30 years of experience in public companies, including Altus Group, where he was CFO for over 12 years. During his tenure at Altus Group, Mr. Bartolini helped drive transformative growth and significant shareholder value. Reporting directly to Joseph Nakhla, CEO of Tribe, Mr. Bartolini will be responsible for all operational aspects of the Company, in addition to his finance, accounting and financial reporting functions.
Joseph Nakhla, Founder and CEO of Tribe commented, “We are thrilled to have Angelo assume the role of President on top of his duties as CFO of Tribe. His track record of financial excellence is well-established, and now, by extending his responsibilities to include more operations, we can truly capitalize on his extensive knowledge to optimize our day-to-day and help us achieve our overarching objectives in a more expeditious manner. We are thankful for his willingness to take on a broader role and are certain that this strategic decision will unlock a new dimension of his experience and skill set, contributing to the overall efficiency and effectiveness of our operations.”
Angelo Bartolini, Tribe’s President and CFO commented, “I am honoured to be stepping into this dual role of President and CFO. This opportunity allows me to merge my financial expertise with hands-on leadership to elevate the Company’s operational efficiency. Since joining Tribe I’ve been thoroughly impressed with the Company’s development and success. Tribe’s growth and commitment to digitizing the traditional property management industry makes it an exciting place to be.”
Meritus Acquisition Having a Positive Impact
The acquisition of Meritus Group (“Meritus”), which recently closed in December of 2023, is proving to have a positive impact on the Company. Tribe is expecting to report record revenue in Q4-2023, largely driven by the Meritus acquisition. Meritus is also EBITDA(1) profitable, which is assisting in improving the Company’s EBITDA margins and cashflows. Meritus expanded the Company’s geographic footprint into the Greater Toronto area and added over 5,000 additional homes under management for Tribe. The expansion into Toronto, where Tribe already has many real-estate developer relationships through its pre and post construction software, allows the Company to package its entire solution of construction software, property management software, property management services and digital marketplace for homeowners and residents for the thousands of managed communities in greater Toronto.
Mr. Nakhla, Founder and CEO of Tribe, commented, “We are very pleased with the Meritus acquisition thus far. It represents the kinds of opportunities we are looking at. We’ve built a national footprint across Canada and we are one of only three property management companies to accomplish this feat. Tribe has an active pipeline of acquisition opportunities with several near-term targets that have the potential to further strengthen this national footprint and expand our network of successful property management service providers across the country.”
Tribe has successfully completed 12 acquisitions to date and plans to continue executing on its M&A growth strategy through this year. The Company is focused on finding new acquisition opportunities that not only expand its technology but also introduce Tribe to new geographical markets. Supplementing the Company’s goal of expansion, Tribe remains committed to finding targets with substantial revenue and accretive EBITDA. Increasing its financial profile is an immediate focus for Tribe and will help boost the Company’s growth and accelerate its path to profitability. Tribe has a $15 million debt facility from the Technology and Innovation Banking arm of a Tier 1 Canadian Bank which is currently undrawn and fully available to the Company. Establishing this financing facility was an essential piece of Tribe’s M&A growth strategy as it provides the Company with access to non-dilutive capital which will be beneficial to our long-term capital structure.
Through various operational improvements and cost reduction strategies, Tribe achieved a 33% year-over-year improvement in Adjusted EBITDA(1) in the third quarter ended October 31, 2023. This substantial improvement reaffirms Tribe’s commitment to delivering value to its shareholders and the Company remains dedicated in its pursuit of sustainable financial success. The Company is also expecting these expense reductions to continue benefiting Tribe’s financial performance in the future.
Mr. Bartolini, President and CFO of Tribe, commented, “Improving the Company’s profitability has been a major focus for Tribe in the last few quarters and the Company is continuing to work towards its goals through the implementation of workflow optimizations, consolidation of back-end services and subscriptions, and other cost reduction initiatives. We are meticulously working towards achieving significant milestones that will solidify our financial stability and I am confident that by adhering to a steadfast commitment to profitability, Tribe will not only weather difficult market fluctuations but ultimately thrive and maximize shareholder value.”
- EBITDA and Adjusted EBITDA are non-GAAP measures recognized in accordance with IFRS. We define Adjusted EBITDA as net income or loss excluding severance and acquisition costs, interest expense and finance costs, foreign exchange gains and losses, current and deferred income taxes, depreciation and amortization, stock-based compensation, fair value gains and losses on investments, and other expenses.
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, British Columbia
Phone: (604) 343-2601
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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 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 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.