Vancouver, BC – Tribe Property Technologies (TSXV: TRBE) (“Tribe” or the “Company”)has partnered with Eddy Solutions (“Eddy”), a leader in IoT (Internet of Things)-enabled water protection, specializing in water monitoring and leak detection for properties of all types.
“We are excited to bring Eddy’s comprehensive suite of smart water monitoring devices to our digital ecosystem,” explained Joseph Nakhla, Tribe CEO. “By combining behavioural learning, real-time alerts and a comprehensive dashboard, Eddy Solutions offers greater control and transparency on consumption, risk mitigation and preventative maintenance options to our portfolio of new construction buildings as well as our existing communities.”
Tribe has relationships with more than 50 real estate developers across Canada building multi-family residential strata, condo, and rental buildings. With housing starts in Canada expected to be 250,000 units by the end of this quarter, and projections of around 220,000 units in 2022 and 200,000 units in 2023, there is significant opportunity for smart water metering to become an industry expectation.
“Water claims are one of the biggest damage risk and leading cause of rework and claims during construction, with approximately $6 billion paid out in water damage claims annually across Canada,” shared Mr. Nakhla. “Water protection is integral to the long-term health, value and management of a building.”
Tribe’s Digital Partnership Program is focused on developing partnerships that elevate service offerings and convenience, improve efficiencies, protect assets and provide unique benefits to living in a Tribe Community. These partnerships integrate with Tribe’s community management platform, connecting with thousands of owners, councils/boards, and property developers across Canada.
“Tribe offers a leading condo-living platform that has become a household name for many property developers and condo boards,” said Travis Allen, Eddy’s CEO and President. “We look forward to partnering with them as their tech-enabled solutions continue to transform residential community living.”
Tribe manages approximately 40,000 homes made up of more than 100,000 residents. The Company’s proprietary community management software Tribe Home is integrated into every community with its ability to connect, inform, educate, and protect through the digitization and simplification of residential community living.
About Eddy Solutions
Eddy is an award-winning, innovative North American manufacturer of smart water metering products and related technologies, helping property owners protect, control, and conserve water usage by combining water sensing devices with machine learning software. Eddy provides substantial protection to single-family homes, as well as commercial and residential buildings at every stage of the building cycle, including construction. For more details on Eddy’s products or company information, please visit eddysolutions.com.
About Tribe Property Technologies:
Tribe is a property technology company that is digitizing 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’s three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.
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.
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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, which may include, but are not limited to, statements with respect to the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the condo and rental management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; and prospective benefits of the Company’s platform. 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. These forward-looking statements or information may relate to proposed financing activity, proposed acquisitions, proposed success of the Company’s platform, regulatory or government requirements or approvals, the reliability of third-party information and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of 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.
This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Company has not registered and will not register the securities under the U.S. Securities Act. The Company does not intend to engage in a public offering of their securities in the United States.