- Signed definitive agreement with the Technology and Innovation
Banking arm of a Canadian Schedule A Bank provides a senior term
and acquisition facility loan for up to $15
million.
- Proceeds from the Facility are expected to accelerate the
Company's growth through M&A activity and support Tribe's
future operating efficiencies.
VANCOUVER, BC, Oct. 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 that it has
signed a definitive loan agreement (the "Loan Agreement")
with the Technology and Innovation Banking arm of a Canadian
Schedule A Bank, that provides a senior term loan facility (the
"Facility") for up to $15
million. The Facility consists of a $3 million operating line to support the
Company's working capital requirements and an M&A facility of
$7 million with an additional
accordion feature of $5 million, for
a total of up to $15 million of
non-dilutive capital. The definitive agreement was signed on
Thursday, October 5, 2023 with an
interest rate of prime + 2.65% per annum for both
facilities.
"We are thrilled to announce this significant milestone for
Tribe which further strengthens our commitment to strategic growth
and financial stability," said Joseph
Nakhla, CEO of Tribe. "Executing this financing facility is
an essential piece of our M&A growth strategy as it provides us
with access to non-dilutive capital which will be beneficial to our
long-term capital structure, as well as aid in accelerating our
growth plans."
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
1606 – 1166 Alberni Street, Vancouver,
BC
V6E 3Z3
(604) 343-2601
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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. 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. Forward-looking
statements or information in this news relate may relate to
statements with respect to the Facility and closing thereof; the
aims and goals of the Company; financial projections; growth plans
including future prospective consolidation in the rental management
sector; future acquisitions by the Company; the completion of this
transaction; beliefs of the Company with respect to the independent
owner-investors market; prospective benefits of the Company's
platform; and other factors or information. Such statements
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 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.
SOURCE Tribe Property Technologies Inc.