Tribe Property Technologies Closes Previously Announced Acquisition of NAI Commercial Okanagan Rental Management Assets

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VANCOUVER, BC, November 8, 2021 /CNW/ – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB US: TRPTF) (Frankfurt Stock Exchange: 7HZ) (“Tribe” or the “Company”) is pleased to announce that it has completed the acquisition previously announced portfolio of rental and commercial property management assets from NAI Commercial Okanagan, bolstering Tribe’s property management services in the interior of British Columbia.

“This latest acquisition is a continuation of Tribe’s efforts to identify great accretive assets that expand our digital footprint and services in underserved markets. We are excited to welcome this portfolio into our fold and look forward to ‘to bring our technology-based service delivery model to these investment assets and commercial properties,’ said Joseph NakhlaCEO of Tribe.

Notable aspects of the acquisition are the expansion of Tribe’s management of single unit rentals (typically vacation rentals or single unit investment properties), rental apartment buildings and apartment buildings. trading in the Okanagan in British Columbia.

In exchange for the assets, the total consideration for this transaction was $250,000as following:

(a) $150,000 paid at closing;

(b) 12,977 ordinary shares of the Company ($50,000 consideration); and

(c) $50,000 payable on the date that is 90 days after the closing date subject to certain adjustments based on revenue and customer contracts.

The shares were issued pursuant to an exemption from the prospectus requirement under applicable securities laws. The Shares are subject to a hold period of four months and one day expiring March 6, 2022.

As mentioned earlier, the Director of NAI Commercial Okanagan, Mr. Tony Parmar joins Tribe as a senior member of the company’s Okanagan team.

About Tribe Property Technologies:

Tribe is a real estate technology company disrupting the traditional property management industry. As a rapidly growing, technologically advanced property management company, Tribe’s integrated service technology delivery model meets the needs of more stakeholders than traditional service providers.

Tribe seeks to acquire highly accretive targets in North America’s fragmented property management industry and transform those businesses through streamlining and digitizing operations. Tribe’s platform reduces customer acquisition costs, increases retention, and enables the addition of value-added products and services through the platform. Visit tribetech.com for more information.

ON BEHALF OF COUNCIL

“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.

Caution regarding forward-looking information

This press 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 press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “expect”, “may”, “program” and similar words or phrases identify forward-looking statements or information. Forward-looking statements or information contained in this news may relate to statements regarding: the acquisition of the assets of NAI Commercial Okanagan; the aims and objectives of the company; financial projections; growth plans, including future consolidation in the rental management industry; future acquisitions by the Company; the Company’s views regarding the independent owner-investor market; the potential benefits of the Company’s platform; and other factors or information. These statements represent the Company’s current views with respect to future events and are necessarily based on a number of assumptions and estimates which, while believed to be reasonable by the Company, are inherently subject to significant business change. , economic, competitive, political and social risks, uncertainties and uncertainties. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially 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 undertakes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than those required by laws, rules and regulations.

SOURCE Tribe Property Technologies Inc.

For further information: Business + Media: Jennifer Laidlaw, VP Communications and Marketing, Tribe Property Technologies, [email protected], 778-837-4314; Investor Relations: Kin Communications, (604) 684-6730, [email protected]

Related links

https://tribetech.com/