Tribe Property Technologies Announces Partnership with UmbraCity, Bringing Tribe Communities OnDemand Umbrella Service Across the Lower Mainland

VANCOUVER, BC, March 30, 2022 /CNW/ - Tribe Property Technologies (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company") has partnered with UmbraCity, a network of fully automated, smart umbrella rental kiosks that provide on-demand access to umbrellas for communities. The partnership would bring UmbraCity's hotel concierge-like service to Tribe buildings across the Lower Mainland, elevating lifestyle and convenience in Tribe communities. 

"It rains a lot in Vancouver. That is a fact. UmbraCity offers an extremely practical service that adds convenience for residents and is sustainable for the larger community as well," said Tribe CEO Joseph Nakhla. "Just think, no more searching for an umbrella or getting caught out in a downpour as you leave your home. It can be the smallest of things that have the biggest impact on our day."

From transportation and accommodation to retail and consumer goods, the popularity of the "sharing economy" or "collaborative consumption" continues to increase as a direct reflection of Canadians' preference to rent or borrow goods rather than buy or own them. In 2015 PwC had estimated that by 2025 the sales revenue from the sharing economy will have risen to $335 billion USD, likely much higher now given the impact of the pandemic.[1] The transition to an economy that shares physical assets is not only more cost effective, but is more sustainable on the environment with an overall reduction in resources and pollutants, emissions, and carbon footprints.

"We are excited to bring our unique amenity to Tribe buildings and expand our reach across the Lower Mainland," said Amir Entezari, CEO of UmbraCity. "UmbraCity partners with customer-centric properties that provide world-class amenities to their tenants and community members. With an UmbraCity kiosk in the building, community members will be able to move around the city whenever and wherever without worrying about bringing an umbrella or getting drenched in the rain."

UmbraCity's service includes a fleet of drivers that replenishes stock, wherever their kiosks are located, when availability is low.

Launched in 2015, UmbraCity is a Vancouver based company that offers an innovative and easy way to put an umbrella in everyone's hand when they need it. Their network of fully automated, smart umbrella rental kiosks provides on-demand access to umbrellas for commuters and offers an effective platform for value-based marketing and advertising. Visit UmbraCity.com for more information.

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. Visit tribetech.com for more information.

"Joseph Nakhla"

Chief Executive Officer

Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1155 West Pender Street, Suite 419
Vancouver, British Columbia
V63 2P4
(604) 343-2601
[email protected] 

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 certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including statements relating to the expected use of proceeds from the Offering and the Company's goals and strategy. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital markets conditions, and stock market volatility. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.

SOURCE Tribe Property Technologies Inc.