Vancouver, British Columbia – Tribe Property Technologies Inc. (TSXV:TRBE) (OTCQB US: TRPTF) (“Tribe” or the “Company”) is pleased to announce that we have completed our acquisition of Southview Property Management Inc. (“Southview”), previously announced on May 12, 2022, further strengthening Tribe’s property management services in the Greater Vancouver region of British Columbia. The Company is at arms-length from Southview and its existing shareholders.
“This latest acquisition is a continuation of Tribe’s activities to identify great accretive assets that expand our footprint and support efficiencies through the digitization of the traditional property management space”, said Joseph Nakhla, CEO of Tribe. “We are pleased to welcome Southview’s staff and clients into our fold and look forward to supporting their communities.”
Notable aspects of the acquisition are the expansion of Tribe’s management of strata communities, and the addition of 6 employees. Southview principal Jeff Wolrige will continue as a Senior Community Manager.
In exchange for all of the outstanding share capital of Southview, Tribe has agreed to pay $600,000 to the existing shareholders of Southview, payable as follows:
- $350,000 cash consideration at closing;
- $150,000 satisfied through the issuance of 76,635 common shares of Tribe (the “Consideration Shares”); and
- $100,000 payable 90 days following the closing date subject to certain adjustments based on revenue and customer contracts.
The issue price of the Consideration Shares was equal to the twenty-day weighted average closing price immediately prior to closing. All Consideration Shares are subject to a voluntary lock-up from which one-third of the Consideration Shares will be released every six months for a period of eighteen months.
Southview repaid all of its outstanding debt including shareholder loans on closing. No finder’s fees were paid or payable in conjunction with this transaction.
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
1155 West Pender Street, Suite 419
Vancouver, British Columbia
For further information, contact:
Corporate + Media
VP Communications and Marketing
Tribe Property Technologies
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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 statements or information in this news relate may relate to statements with respect to: the acquisition of Southview and closing thereof; Mr. Jeff Wolrige joining the Company on closing of the acquisition of Southview; the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the rental 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.