Tribe Property Technologies to Acquire Property Management Portfolio in South-Eastern British Columbia

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Tribe Property Technologies to Acquire Property Management Portfolio in South-Eastern British Columbia

Canada NewsWire

/NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES./

VANCOUVER, BC, Sept. 21, 2021 /CNW/ - 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 20201.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. 

_________________________________

1 

https://www.globenewswire.com/en/news-release/2021/06/16/2248516/0/en/CPABC-Kootenays-strong-population-growth-outpacing-housing-supply-pushing-prices-to-record-highs.html

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

"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
[email protected] 

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; financial projections; growth plans including future prospective consolidation in the condo and 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.

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.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2021/21/c8215.html

Copyright CNW Group 2021

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).