Tribe Property Technologies Acquires Strata Management Assets

The property technology company has acquired a portfolio of Strata Management Assets from Martello Property Services

Tribe Property Technologies Inc. (TSXV: TRBE) and (OTCQB: TRPTF) ("Tribe" or the "Company") is pleased to announce that it has agreed to acquire a portfolio of strata property management assets from Martello Property Services Inc. ("Martello"), continuing to grow Tribe's property management services across the Greater Vancouver region of British Columbia.

"We are pleased to welcome this Martello portfolio into our fold and look forward to bringing our tech-enabled service delivery model to support the management of these homes," said Joseph Nakhla, CEO of Tribe. "This acquisition supports the continuous growth of our service delivery in the Vancouver region, expanding our revenue streams, while bringing efficiencies through the digitization of these communities."

The acquisition expands Tribe's management of strata buildings in the Greater Vancouver area, adding over 1,500 additional units to its portfolio.

To acquire this portfolio, Tribe has agreed to pay Martello up to $720,000, payable as follows:

1. $475,000 payable on the closing date;
2. $75,000 payable on the date that is thirteen (13) months after the closing date; and
3. Up to $170,000 payable upon the future delivery of property management contracts related to buildings that are currently under development.

Closing is expected to occur on or about July 31, 2022, subject to satisfaction of customary closing conditions and documentation.