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VANCOUVER, BC, March 25, 2021 /CNW/ – Tribe Property Technologies (TSXV: TRBE) (“Tribe” or the “Company”) is pleased to announce it has commenced trading on the TSX Venture Exchange under the symbol “TRBE” effective today. Tribe simplifies residential community living through the delivery of tech-enabled community management products and services. It aims to capture an increasing share of the estimated $90 billion in payments that are collected and contributed by homeowners in communities across North America every year1.
Tribe’s public debut marks the next stage of its ambitious growth plans, focused on bringing digital transformation and innovation to the fragmented and largely paper-based property management sector that has seen little change in decades.
“Tribe’s technology is revolutionizing an industry ripe for innovation at a time when the demand for simple, integrated, value-generating solutions has never been greater,” said Joseph Nakhla, Tribe’s Chief Executive Officer. “Tribe is all about addressing the pain points for developers, owners, residents and managers of condominiums and residential communities, from maintenance and payments to shared services. Our platform offers a one-stop-shop that provides a seamless and efficient way for residential communities to operate and connect.”
Tribe’s public listing follows quickly on the back of the Company’s successful acquisition of Gateway Property Management Corp. in December 2020. This acquisition further consolidates Tribe’s position in the condo management sector in British Columbia, while expanding its footprint across Canada into Ontario and Alberta. It also boosts the Company’s presence in the rental management sector.
“The property management market is highly fragmented with an estimated 13,000 small property management companies servicing the North American market,” continued Mr. Nakhla. “We see significant opportunity for further consolidation of the sector in the near future.” 2 3
1 Source: Community Associations Institute National Statistical Review for 2018
2 Source: Community Associations Institute National Statistical Review for 2018
3 Source: Business – Canadian Industry Statistics
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.
The Company has filed a filing statement dated March 12, 2021 (the “Filing Statement”) under its profile on SEDAR at www.sedar.com. Readers are encouraged to review the Filing Statement, which provides detailed information about the business of the Company.
ON BEHALF OF THE BOARD
Chief Executive Officer
Tribe Property Technologies Inc.
Chief Executive Officer
1155 West Pender Street, Suite 419
Vancouver, British Columbia
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, which may include, but are not limited to, statements with respect to the aims and goals of the company with respect to payments made by homeowners; growth plans including future prospective consolidation in the rental management sector; future acquisitions by the Company; and prospective benefits of the Company’s platform. 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. These forward-looking statements or information may relate to proposed financing activity, proposed acquisitions, proposed success of the Company’s platform, regulatory or government requirements or approvals, the reliability of third-party information 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.
This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Company has not registered and will not register the securities under the U.S. Securities Act. The Company does not intend to engage in a public offering of their securities in the United States.
SOURCE Tribe Property Technologies Inc.
For further information: Corporate + Media: Jennifer Laidlaw, VP Communications and Marketing, Tribe Property Technologies, Jennifer.email@example.com, (778) 837-4314; Investor Relations: Kin Communications, (604) 684-6730, IR@tribetech.com