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Tribe Property Technologies Closes on Previously Announced Acquisition of Rental Management Assets from NAI Commercial Okanagan
Wednesday, November 10, 2021Company Profile | Follow Company
Vancouver, BC, November 10, 2021--(T-Net)--Tribe Property Technologies Inc. (TSXV:TRBE) (OTCQB US: TRPTF) announced today that it has completed its previously announced acquisition of a portfolio of rental and commercial property management assets from NAI Commercial Okanagan, strengthening Tribe's property management services in the Interior region of British Columbia.
"This latest acquisition is a continuation of Tribe's activities to identify great accretive assets that expand our footprint and digital services in under-served markets. We are pleased to welcome this portfolio into our fold and look forward to bringing our tech-enabled service delivery model to these investment assets and commercial properties," said Joseph Nakhla, CEO of Tribe.
Notable aspects of the acquisition are the expansion of Tribe's management of single unit rentals (commonly vacation rentals or single unit investment properties), rental-purpose apartment buildings, and commercial buildings in BC's Okanagan.
In exchange for the assets, total consideration for this transaction was $250,000, as follows:
The Shares have been issued pursuant to an exemption from the prospectus requirement under applicable securities laws. The Shares are subject to a four month and a day hold period expiring March 6, 2022.
As previously mentioned, NAI Commercial Okanagan principal Mr. Tony Parmar joins Tribe as a senior member of the Company's Okanagan team.
About Tribe Property Technologies
Tribe is a property technology company that is digitizing 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's business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnerships (smart building products, financial and insurance service).
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.
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. 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. [ MORE ] |
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Tribe Property Technologies Inc.
Vancouver (Other Tech Sectors)
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