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Vancouver, British Columbia – Tribe Property Technologies Inc. (TSXV:TRBE) (“Tribe” or the “Company”) has entered into an agreement to acquire Powder Highway Management Group’s (“PHMG”) Property Management Portfolio, comprising of residential management contracts and current employees in the communities of Revelstoke and Golden (the “Acquisition”); expanding Tribe’s management services to the south-eastern corner of British Columbia.
“We look forward to bringing our tech-enabled service delivery model to this growing region in British Columbia,” said Joseph Nakhla, CEO of Tribe. “This Acquisition will support our expansion strategy into new markets to drive organic growth and open new revenue streams, while bringing efficiencies in service delivery through the digitization of these communities. This accretive Acquisition will also provide us the opportunity to deploy our technology in future new construction communities in the region.”
The Kootenay region of British Columbia has seen residential growth over the past number of years, while average housing prices have increased more than 20% in 2021 over 2020. With its proximity to Calgary and Kelowna, mountainous reputation for some of the best skiing conditions, and a surge in searches for recreational and resort property, the Kootenay region is poised for growth.
“This agreement is indicative of our M&A team’s execution in this space – and takes full advantage of the work that has been done by our Integration Team over the past two quarters,” added Nakhla. “We continue to seek out opportunities to expand our footprint through acquisitions within Canada and beyond. With an expanded presence into the growing Kootenay region, including the addition of personnel on the ground, we will be well-positioned to add new business in the area.”
The Acquisition will add to Tribe’s expanding footprint of homes and investment properties under management. It would also expand Tribe’s reach across five of BC’s seven economic regions – Mainland/Southwest, Vancouver Island/Coast, Thompson/Okanagan, Cariboo, and Kootenay.
“We are proud to be joining a community-focused management company that understands the unique needs of our region,” says Suzanne Riegel, Founder of PHMG. “It is nearly impossible for a management company to develop the technology Tribe has, and their model will ensure the people of the growing Kootenay region experience innovation and leading service delivery that supports and encourages growth to the region.”
Riegel will join Tribe as Regional Director for the interior region of British Columbia, taking on the responsibility of overseeing Tribe’s existing Kamloops and Kelowna offices, in addition to the Kootenay region.
Financial terms of the transaction are confidential but aren’t expected to have a material impact on Tribe for the fiscal year ending December 31, 2021. The definitive agreement was signed September 15, 2021 and this transaction is expected to close on September 30, 2021.
About Powder Highway Management Group
Founded in 2015 by Suzanne Riegel, Powder Highway Management Group was established to offer property management services tailored to meet the unique needs of communities situated in the mountains of British Columbia including Revelstoke, Golden, and the entire Columbia Basin. Powder Highway Management Group provides Strata Management, Rental Management, and Consulting Services developed with the long-term success of its clients’ investments in mind.
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, 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; 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.