Tribe Property Technologies Closes Acquisition of Ace Agencies, Tripling Its Single-Unit Rental Portfolio
The acquisition strengthens Tribe's single-unit rental portfolio, enhancing its service offerings for property owners in the Fraser Valley and Greater Vancouver regions of British Columbia.
VANCOUVER, BC, June 9, 2025 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (" Tribe" or the " Company"), a leading provider of technology-elevated property management solutions, is pleased to announce that through its wholly-owned subsidiary Tribe Management Inc. (" Tribe Management"), it has closed the previously announced acquisition of Ace Agencies (the " Acquisition"), a residential single unit rental property management firm based in Abbotsford, British Columbia.
Joseph Nakhla, CEO of Tribe, commented, "We are thrilled to officially welcome the Ace Agencies team to Tribe. This strategic acquisition expands our offering for owners of single-family homes and investment properties, helping us meet growing demand in a market that continues to evolve. We're excited to partner with a company that shares similar values of innovation and modernizing a traditional industry. Ace Agencies' Jason Bugra was looking for a partner in which he could continue to grow his company; leveraging the Tribe network to expand beyond Greater Vancouver and the Fraser Valley."
Ace Agencies achieved consolidated unaudited revenue of over $1.4 million in 2024, with positive EBITDA 1 margin in the 10-15% range. Tribe manages over 50,000 homes across Canada, solidifying its position as one of the country's leading providers of tech-enabled property management solutions.
Transaction details
The Acquisition, completed through Tribe's wholly owned subsidiary Tribe Management, was carried out via a share purchase agreement dated May 23, 2025. The total purchase price of $1,457,692 is payable entirely in common shares of Tribe, with no impact on the Company's cash position, as follows:
$1,057,692 common shares in the capital of the Company (each, a " Share") at an issue price of $0.55 per Share; and
Up to $400,000 upon the date that is one-month after the first anniversary of the closing date, June 6, 2025, payable in Shares at an issue price equal to the 20-day weighted average closing market price prior to issuance, but not less than $0.41, subject to adjustment based on the performance of the Acquisition.
The vendors and Ace Agencies are at arm's length from Tribe. No finder's fees are payable in connection with the Acquisition.
Footnote:
Earnings before interest, taxes, depreciation and amortization (" EBITDA") is a non-IFRS measure. EBITDA should not be construed as an alternative to net income/loss determined in accordance with International Financial Reporting Standards (" IFRS"). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
About Ace Agencies
Founded in 1969, Ace Agencies has been a trusted name in the Abbotsford community for over 50 years. Specializing in residential single-family home management, Ace Agencies has earned a reputation for reliability and client-focused service across the Fraser Valley. Ace Agencies currently manages a diverse portfolio of approximately 900 residential units. For more information, visit abbotsfordpropertymgmt.ca.
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.
Tribe Property Technologies Inc.
"Joseph Nakhla"
Chief Executive Officer
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; results of the Acquisition; 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; and other factors or information. Such information represents 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. Readers should not place undue reliance on forward-looking information. The Company does not intend, and does 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
an hour ago
- Toronto Star
Petrolympic Announces Warrant Extension
TORONTO, Aug. 15, 2025 (GLOBE NEWSWIRE) — Petrolympic Ltd. (TSX-V: PCQ) (the 'Company'), wishes to announce that the Company has applied to the TSX Venture Exchange (the 'TSXV') to extend the term of 3,100,000 common share purchase warrants originally issued pursuant to a private placement on September 8, 2025. Subject to the approval of the TSXV, the expiry dates of the September 2022 Warrants will be extended as follows:
Toronto Star
an hour ago
- Toronto Star
DIAGNOS to Extend Stock Warrants Exercise Period
BROSSARD, Quebec, Aug. 15, 2025 (GLOBE NEWSWIRE) — Diagnos Inc. ('DIAGNOS' or the 'Corporation') (TSX Venture: ADK, OTCQB: DGNOF, FWB: 4D4A), a pioneer in early detection of critical health issues using advanced technology based on Artificial Intelligence (AI), announces that it intends to extend the exercise period of an aggregate of 650,000 stock warrants (each a 'Warrant') issued as part of a non-brokered private placement of units initially announced on March 22, 2024. The Warrants initial exercise period is set to expire on September 22, 2025. Subject to the TSX Venture Exchange (the 'Exchange') consent, the extended expiry date shall be August 5, 2026 (the 'Amendment'). All other provisions of the Warrants, such as the Warrants exercise price of $0.40 per common share of the Corporation, will remain unchanged and fully in effect during the extended exercise period.
Globe and Mail
an hour ago
- Globe and Mail
Petrolympic Announces Warrant Extension
TORONTO, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX-V: PCQ) (the 'Company'), wishes to announce that the Company has applied to the TSX Venture Exchange (the 'TSXV') to extend the term of 3,100,000 common share purchase warrants originally issued pursuant to a private placement on September 8, 2025. Subject to the approval of the TSXV, the expiry dates of the September 2022 Warrants will be extended as follows: Number of Warrants: 3,100,000 Original Expiry Date of Warrants: September 8, 2025 New Expiry Date of Warrants: September 8, 2027 Exercise Price of Warrants: $0.10 NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. For further information, please contact: Mendel Ekstein, President and CEO Petrolympic Ltd. T: 845 656-0184 E: exis@ CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
