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VANCOUVER, BC, April 20, 2021 /CNW/ – Tribe Property Technologies Inc. (TSXV: TRBE) (“Tribe” or the “Company”) has completed the purchase of KEY Property Management’s Rental Portfolio, comprising of approximately 75 service contracts, further adding to the expansion of Tribe’s rental services in British Columbia.
“This is our first acquisition as a public company and our strategic development team continues to be very active,” says Joseph Nakhla, CEO of Tribe. “Our pipeline contains a number of opportunities at various stages of progression, and we look forward to future announcements as further deals come to fruition.”
“This is a strategic step for us in further expanding Tribe’s ability to deliver services to condominium investors who are looking to rent out their units in the BC market,” adds Mr. Nakhla.
While the cost of the acquisition was not material to the Company, the accretive nature of the acquisition provides Tribe with the opportunity to deploy its technology in future new construction communities in BC.
“We believe that the independent owner-investors market is a big market that is currently underserved, with three out of every ten condos being rented to tenants in both Vancouver and the Greater Toronto Area, we are aiming to improve that experience for both investors and tenants with our technology platform and services.” 1
Tribe simplifies the residential community living space for owner-investors with tech-enabled services that provide comfort and safety of assets. From rental market appraisal to marketing, tenant screening, contracts, online payment processing, digital transparency and reporting, Tribe offers a one-stop-shop for residential management.
“We are pleased to work with Tribe as a leader in the prop-tech space,” says Cam Good, President of KEY Marketing and KEY Property Management. “This sale allows me and KEY’s Leadership Team to focus on the rapid growth of KEY Marketing while Tribe better services people investing in condos.”
1 CMHC Rental Market Report 2020: https://assets.cmhc-schl.gc.ca/sites/cmhc/data-research/publications-reports/rental-market-reports/2020/rental-market-report-69720-2020-en.pdf?rev=be3a15d8-891d-4f56-85fb-f79ae68e93c9
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.
About the KEY Group of Companies
KEY Marketing was founded by Cam Good, a tech entrepreneur, in 2009 to provide developers of Western Canada’s most impactful multifamily real estate projects with innovative design, marketing and sales services. KEY Property Management has been finding and managing tenants for landlords in British Columbia for 30 years and was acquired by Cam Good in 2015 to make it easier for investor buyers at KEY projects to find and manage tenants, thereby increasing rental supply. Visit keymarketing.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
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; 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; working with the KEY Group of Companies; 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.laidlaw@tribemgmt.com, 778-837-4314; Investor Relations: Kin Communications, (604) 684-6730, IR@tribetech.com