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Tribe Property Technologies Inc
Symbol TRBE
Shares Issued 21,159,881
Close 2022-06-03 C$ 2.65
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Tribe Property forms partnership with Wyse Meter

2022-06-07 10:08 ET - News Release

Mr. Joseph Nakhla reports

TRIBE PROPERTY TECHNOLOGIES ANNOUNCES PARTNERSHIP WITH WYSE METER SOLUTIONS, BRINGING SMART ENERGY SOLUTIONS TO COMMUNITIES ACROSS CANADA

Tribe Property Technologies Inc. has partnered with Wyse Meter Solutions, a Canadian leader in smart submetering, ESG (environmental, social, governance) reporting, electric vehicle (EV) charging and utility expense management solutions. The partnership will bring Wyse's innovative services to Tribe buildings across Canada, boosting environmental sustainability, smarter operations and a superior experience for residents.

"Utility submetering offers multifamily residential buildings a system to fairly distribute utility costs among their residents and can result in significant savings for residential rental properties, condo boards and strata corporations, as well as developers," said Tribe chief executive officer Joseph Nakhla. "Wyse Meter Solutions not only offers solutions for the current needs of energy management, but the company is pioneering technology to solve growing environmental issues, including sustainable in-suite heating and cooling and electric vehicle charging deployment."

Designed to easily integrate into a building's digital ecosystem and physical space, Wyse installs submeters for the measurement and billing of utility consumption of individual suites in bulk-metered buildings.

"We are excited to be teaming up with Tribe to bring convenient and effective energy management solutions to their growing portfolio," said Peter Mills, Wyse CEO. "Introducing submetering to provide residents with more visibility and control of their utility consumption is the most effective way to reduce utility costs and lower greenhouse gas emissions in the building. We are excited to commence this partnership and we expect to see it develop quickly to offer additional services tailored to making residents lives easier and the world a little greener."

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 Tribe's digital partnership program

Tribe receives compensation from partners for use of the Tribe Home platform. The company's partners also commit to providing a special offering for Tribe's homeowners/tenants, allowing them to take advantage of Tribe's group buying power. The type and amount of compensation varies from partnership to partnership but generally falls into one, or a combination, of the following models:

  • Commission: Tribe receives a one-time fixed or variable fee for each transaction that occurs through its platform;
  • Residuals/recurring: After the initial transaction, the company receives continuing revenue for as long as the service remains in place.

About Tribe Property Technologies Inc.

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 business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups), and digital services and partnerships (smart building products, financial and insurance service).

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.

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