- Tribe has appointed Angelo
Bartolini as President and CFO of the Company. Mr. Bartolini
will undertake the President role in the Company in addition to his
duties as Chief Financial Officer (CFO).
- Tribe expects to report record revenue for Q4-2023, driven by
the Meritus acquisition. Tribe has an active acquisition program
having completed 12 acquisitions to date, and a robust acquisition
pipeline going forward.
- Improving profitability has been the major focus for Tribe in
the last few quarters and the team is continuing to work towards
its goals through the implementation of workflow optimizations,
consolidation of back-end services and subscriptions, and other
cost reduction initiatives.
VANCOUVER, BC, Feb. 1, 2024
/CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB
US: TRPTF) ("Tribe" or the "Company"), a leading
provider of technology-elevated property management solutions, is
pleased to provide the following corporate update.
Angelo Bartolini Promoted to
President and CFO Role
Tribe is pleased to announce the appointment of Angelo Bartolini as President of the Company, in
addition to his duties as the Company's Chief Financial Officer.
Mr. Bartolini who joined the Company in October 2023 is an accomplished executive leader
with over 30 years of experience in public companies, including
Altus Group, where he was CFO for over 12 years. During his
tenure at Altus Group, Mr. Bartolini helped drive transformative
growth and significant shareholder value. Reporting directly to
Joseph Nakhla, CEO of Tribe, Mr.
Bartolini will be responsible for all operational aspects of the
Company, in addition to his finance, accounting and financial
reporting functions.
Joseph Nakhla, Founder and CEO of
Tribe commented, "We are thrilled to have Angelo assume the role of
President on top of his duties as CFO of Tribe. His track
record of financial excellence is well-established, and now, by
extending his responsibilities to include more operations, we can
truly capitalize on his extensive knowledge to optimize our
day-to-day and help us achieve our overarching objectives in a more
expeditious manner. We are thankful for his willingness to take on
a broader role and are certain that this strategic decision will
unlock a new dimension of his experience and skill set,
contributing to the overall efficiency and effectiveness of our
operations."
Angelo Bartolini, Tribe's
President and CFO commented, "I am honoured to be stepping into
this dual role of President and CFO. This opportunity allows
me to merge my financial expertise with hands-on leadership to
elevate the Company's operational efficiency. Since joining Tribe
I've been thoroughly impressed with the Company's development and
success. Tribe's growth and commitment to digitizing the
traditional property management industry makes it an exciting place
to be."
Meritus Acquisition Having a
Positive Impact
The acquisition of Meritus Group ("Meritus"), which
recently closed in December of 2023, is proving to have a positive
impact on the Company. Tribe is expecting to report record
revenue in Q4-2023, largely driven by the Meritus acquisition.
Meritus is also EBITDA(1) profitable, which is
assisting in improving the Company's EBITDA margins and cashflows.
Meritus expanded the Company's geographic footprint into the
Greater Toronto area and added
over 5,000 additional homes under management for Tribe. The
expansion into Toronto, where
Tribe already has many real-estate developer relationships through
its pre and post construction software, allows the Company to
package its entire solution of construction software, property
management software, property management services and digital
marketplace for homeowners and residents for the thousands of
managed communities in greater Toronto.
Mr. Nakhla, Founder and CEO of Tribe, commented, "We are very
pleased with the Meritus acquisition thus far. It represents
the kinds of opportunities we are looking at. We've built a
national footprint across Canada
and we are one of only three property management companies to
accomplish this feat. Tribe has an active pipeline of acquisition
opportunities with several near-term targets that have the
potential to further strengthen this national footprint and expand
our network of successful property management service providers
across the country."
Tribe has successfully completed 12 acquisitions to date and
plans to continue executing on its M&A growth strategy through
this year. The Company is focused on finding new acquisition
opportunities that not only expand its technology but also
introduce Tribe to new geographical markets. Supplementing the
Company's goal of expansion, Tribe remains committed to finding
targets with substantial revenue and accretive EBITDA. Increasing
its financial profile is an immediate focus for Tribe and will help
boost the Company's growth and accelerate its path to
profitability. Tribe has a $15
million debt facility from the Technology and Innovation
Banking arm of a Tier 1 Canadian Bank which is currently undrawn
and fully available to the Company. Establishing this
financing facility was an essential piece of Tribe's M&A growth
strategy as it provides the Company with access to non-dilutive
capital which will be beneficial to our long-term capital
structure.
Improving Profitability
Through various operational improvements and cost reduction
strategies, Tribe achieved a 33% year-over-year improvement in
Adjusted EBITDA(1) in the third quarter ended
October 31, 2023. This substantial
improvement reaffirms Tribe's commitment to delivering value to its
shareholders and the Company remains dedicated in its pursuit of
sustainable financial success. The Company is also expecting
these expense reductions to continue benefiting Tribe's financial
performance in the future.
Mr. Bartolini, President and CFO of Tribe, commented, "Improving
the Company's profitability has been a major focus for Tribe in the
last few quarters and the Company is continuing to work towards its
goals through the implementation of workflow optimizations,
consolidation of back-end services and subscriptions, and other
cost reduction initiatives. We are meticulously working
towards achieving significant milestones that will solidify our
financial stability and I am confident that by adhering to a
steadfast commitment to profitability, Tribe will not only weather
difficult market fluctuations but ultimately thrive and maximize
shareholder value."
Footnote:
(1)
|
EBITDA and Adjusted
EBITDA are non-GAAP measures recognized in accordance with IFRS. We
define Adjusted EBITDA as net income or loss excluding severance
and acquisition costs, interest expense and finance costs, foreign
exchange gains and losses, current and deferred income taxes,
depreciation and amortization, stock-based compensation, fair value
gains and losses on investments, and other expenses.
|
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
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; 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.