- Partnership with OctoAI will empower Tribe customers with
AI-generated reports that will include intelligence on crucial
details from past and present issues, regulatory concerns,
insurance information, repair and maintenance expenses, and
more.
- Tribe also announces the appointment of Angad Capital for
capital market and investor relations advisory services.
VANCOUVER, BC, July 12,
2023 /CNW/ - Tribe Property Technologies Inc.
(TSXV: TRBE) (OTCQB US: TRPTF) ("Tribe" or the
"Company"), a leading provider of technology-enabled
property management solutions, is pleased to announce a partnership
with OctoAI Technologies Corp. ("OctoAI"), to provide
condominium boards and strata councils with enhanced reporting and
benchmarking capabilities to better understand the operational and
financial health of their building.
By utilizing OctoAi's Eli Report, Tribe can run comprehensive
reports encompassing vital information about a building by simply
inputting the building's address and relevant documents. The AI
generated report includes crucial details on past and present
issues, regulatory concerns, insurance information, repair and
maintenance expenses, and other details that empower condo boards,
strata councils and community managers to better work together to
identify issues, optimize forward-looking planning and reduce
operational costs.
"We are thrilled to announce our technology partnership with
OctoAI, and to leverage their cutting-edge AI-generated Eli Report
to empower our customers to make more informed decisions and
optimize their operations," said Joseph
Nakhla, Tribe CEO1. "The partnership with OctoAI
was a seamless collaboration for Tribe, driven by our shared
commitment to empower our customers with information, and foster
innovation within the industry. We are excited to get our teams
together and deliver these new solutions to drive transformative
advancements to the industry. The idea that council members can
actually benchmark the performance of their community compared to
similar ones is revolutionary, and we're thrilled to be a leader in
bringing this innovation to market."
In addition, the AI generated report goes beyond providing
building-specific insights. It also has the ability to incorporate
benchmark comparisons between buildings of similar type and age for
gas and electricity consumption, as well as spending on amenities
like pool, gym, and landscaping maintenance, for any buildings that
have been previously added to the system. As a result, Tribe
customers can anticipate enhanced information that aids
decision-making in identifying areas for improvement and
prioritizing projects more effectively.
Thomas Beattie, OctoAI CEO,
added, "Eli Report empowers owners in multi-family communities, and
we are delighted to be working with Tribe to deliver that
knowledge. Tribe's tech-first approach to property management
allows for OctoAI to support Tribe's property managers with
intelligence to further support their communities and identify
opportunities to seek further savings for owners."
Capital Markets and Investor
Relations Advisory
Tribe is also pleased to announce that it has retained Angad
Capital Inc. ("Angad Capital"), to provide corporate strategy,
capital markets advisory and investor relations services. In
connection with the engagement, which started on June 20, 2023, Angad Capital has been awarded a
consulting agreement signed June 23,
2023 for a term of six months for a fee of $10,000 per month, with no option for automatic
renewal after 6 months. Angad Capital was founded and operated by
Pardeep Sangha, a former ranked
investment equity analyst who specialized in covering small-cap
technology companies. At the time of this announcement, neither
Angad Capital nor Pardeep Sangha
have any direct or indirect interest in Tribe securities.
About OctoAI
OctoAI operates within the real estate sector, providing
artificial intelligence-driven insights to owners, buyers,
realtors, attorneys and other stakeholders in the multi-family
residential space through its Eli Report platform. As a source
of building intelligence, OctoAI is entering the commercial
property insurance market in collaboration with strategic partners
to provide solutions to these multi-family communities. For more
information, please visit www.octoai.com
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
three revenue pillars are made up of software and service
(recurring licensing and management fees), transactional (rent or
condo fees, banking services, lease-ups) and digital services and
partnership (smart building products, financial and insurance
service) revenue. 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.
1 Tribe's CEO, Joseph
Nakhla, also serves as a Board Director of OctoAI
Technologies Corp.
ON BEHALF OF THE BOARD
"Joseph Nakhla"
Chief Executive Officer
Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1606-1166 Alberni Street
Vancouver, British Columbia V6E
3Z3
Phone: (604) 343-2601
Email: joseph.nakhla@tribetech.com
Cautionary Statement on
Forward-Looking 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.
This news release contains forward-looking information within
the meaning of 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 information. Forward-looking
information in this news release may relate to statements with
respect to the aims and goals of the Company; financial
projections; growth plans including future prospective
consolidation in the property management sector; future
acquisitions by the Company; beliefs of the Company with respect to
the independent owner-investors market; prospective benefits of the
Company's platform; prospective benefits of the OctoAI
partnership and Eli Report platform; and other factors or
information. Such information represent the Company's current views
with respect to future events and are necessarily based upon
several 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 information.
The Company does not intend, and do not assume any obligation, to
update forward-looking 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.
SOURCE Tribe Property Technologies Inc.