Tribe Property Technologies Announces Partnership with TUT Fitness Group, Bringing Affordable Gym Equipment and Community Wellness Application to Communities Across Canada
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VANCOUVER, BC, March 9, 2022 /CNW/ - Tribe Property Technologies (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company") has partnered with TUT Fitness Group (TSXV: GYM) (Frankfurt: 7PG) ("TUT") a Canadian manufacturer of high-performance and affordable fitness products, to offer breakthrough functional strength and cardio training products to residents across the country.
The partnership will roll out in three phases: installing TUT Fitness exercise equipment in designated Tribe buildings; expanding to integrate TUT's training videos and Training Ambassadors into Tribe's community management online portal Tribe Home; and ultimately leading to a bundled TUT/Tribe product offering for developers of new residential housing construction.
"With at-home fitness increasing in popularity, TUT offers a refreshingly inexpensive and compact approach to strength and cardio training with digital applications that bring wellness into your home," said Tribe CEO Joseph Nakhla. "This partnership supports our purpose of simplifying community living and enhancing the day-to-day life and health of residents in our communities."
Global awareness of the importance of health and wellness continues to bolster the fitness market, with Canada seeing year-over-year growth, recorded at an 8% increase in 2021. With the average gym membership costing between $40-$60 per month, Canadians are looking at more affordable and convenient alternatives for staying fit. A recent study found up to 77% of Canadians say it's more convenient to exercise in the comfort of their own home, with 84% reporting that creating their own schedule and working out on their own time is their favourite fitness option.1
"Our goal is to bring the highest value gym experience to every home by offering the most affordable and effective strength training and cardio solutions," commented TUT CEO Rob Smith. "Teaming with Tribe enables us to not only reach individual residents, but also developers of new buildings, Strata and Condo boards looking to purchase units for their complex, and landlords looking to replace aging equipment. Our products are designed to provide full workouts using a sleek system that can fit in tight spaces, perfect for multi-person residential buildings."
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. Real estate developers can learn more by visiting: https://tutfitnessgroup.com/tut-tribe-partnership.
About Tribe's Partnership Programs
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 their platform; and/or
- Residuals/Recurring: After the initial transaction, the Company receives ongoing revenue for as long as the service remains in place.
About TUT Fitness Group
TUT is a Vancouver, Canada-based manufacturer of high-performance and affordable fitness products. The company has designed, patented, and manufactured one of the world's lightest (11.6 pounds), and most affordable high-performance home gyms. Incorporated in 2018, TUT is an emerging player in the connected Home Gym and Fit Tech hardware space, targeting the US$10.73B Global Home Exercise Equipment Market2 and Online Fitness Market, expected to be US$30B by 20263.
TUT's flagship TUT Trainer™ micro gym uses patented, stackable resistance band technology (TUT Plates™) to replace heavy metal weights, improving form and targeting every muscle group without adding pressure to joints or tendons. With more than 250 exercises, the multi-functional and portable gym also includes an optional TUT Rower™, and offers breakthrough functional strength and cardio training that raises the bar for personal home gyms.
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 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.
ON BEHALF OF THE BOARD
"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.
Cautionary Statement on Forward-Looking Information
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.
For further information, contact: Tribe Corporate + Media, Jennifer Laidlaw, VP Communications and Marketing, Tribe Property Technologies, [email protected], 778-837-4314
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