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Tribe Property Technologies Completes Acquisition of Strata Management Assets from Martello Property Services Inc.
Tribe Property Technologies Completes Acquisition of Strata Management Assets from Martel...
About this update from Tribe Property Technologies Inc
[{"type":"text","content":"\n \n \n \n Tribe Property Technologies Completes Acquisition of Strata Management Assets from Martello Property Services Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES./\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 2, 2022\n \n \n /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (\"Tribe\" or the \"Company\") is pleased to announce the completion of its acquisition of a portfolio of strata property management assets from Martello Property Services Inc. (\"Martello\"). This acquisition (which we initially announced via press release on\n \n July 12, 2022\n \n ) further strengthens Tribe's property management services across the\n \n Greater Vancouver\n \n region of\n \n British Columbia\n \n .\n \n \n \n \n \n \n \n \n \n \"This latest acquisition is a continuation of Tribe's strategy to identify great accretive assets that expand our footprint and support efficiencies through the digitization of this traditional space,\" said\n \n Joseph Nakhla\n \n , CEO of Tribe. \"We would like to welcome these clients into the Tribe family and look forward to bringing our tech-enabled service delivery model to support the management of these homes.\"\n \n \n Notable aspects of the acquisition are the expansion of Tribe's management of strata communities, adding over 1,500 additional units to its portfolio, and the addition of two employees.\n \n \n To acquire this portfolio, Tribe has agreed to pay Martello up to\n \n $720,000\n \n , payable as follows:\n \n \n \n \n \n \n \n $475,000\n \n payable at closing;\n \n \n \n $75,000\n \n payable on the date that is thirteen (13) months after the closing date; and\n \n \n Up to\n \n $170,000\n \n payable upon the future delivery of property management contracts related to buildings that are currently under development.\n \n \n \n \n No finders' fees were payable by Tribe in connection with this acquisition.\n \n \n \n About Tribe Property Technologies:\n \n \n \n Tribe is a property tech...