CALGARY, Alberta, Nov. 09, 2022 (GLOBE NEWSWIRE) — ApartmentLove Inc. (CSE: APLV) (“Apartment Love” or “Company”), a leading provider of online home, apartment and vacation rental marketing services to owners, renters and vacationers around the world, is pleased to announce the signing of an Asset Purchase Agreement.Purchase and sale agreement”) with an Ontario-based internet listing services company (“Seller“) to acquire Seller’s Internet listing services business (“Acquired Business“) adjusted for common working capital (“) for a cash purchase price of $940,000Apple“).
“The Canadian rental market remains very active as aspiring homeowners turn away from the unaffordably high cost of home ownership in favor of the freedom and convenience afforded to renters,” said Trevor Davidson – President and CEO of ApartmentLove Inc. Mr Davidson added. , “The acquired business has been at the forefront of the Canadian listing space and is a particularly well-known and popular brand in Southern Ontario. The acquisition provides us with many new and additional paying clients, many of whom are rental listings in the greater Toronto area (“GTA”), the most populated region of the country, as well as hundreds of thousands of new Monthly Active Users (“MAUs”) greatly expands the scope and capabilities of our Canadian offering.
Alma is expected to close on November 30, 2022, subject to the satisfaction of customary closing conditions contained in the Purchase Agreement for transactions of this nature. Following the closing of the acquisition, ApartmentLove expects to maintain the existing front-end operations team currently managing the Acquired Business while maintaining the domain as a standalone asset under the expanding ApartmentLove Inc. umbrella. Management believes these procedures will help ensure a smooth transition for all customers, clients, MAUs and cash flow after closing.
Following the completion of the acquisition, management believes in new and continued investments in Search Engine Optimization (“SEO”), digital marketing and other advertising and promotional strategies targeting tenants in the GTA will return the Acquired Business’ top-line sales to “pre-pandemic levels” and expects to achieve an EBITDA margin of over 50%. In the near term, increased revenue and net cash from operations of the Acquired Business will support the Company’s recurring cash flow and contribute to management’s goal of turning cash flow positive as quickly as possible.
The acquisition exemplifies the type and type of established, scalable and high-margin business that ApartmentLove is trying to achieve by consolidating the deeply fragmented internet listings industry.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) is a leading provider of online rental marketing services for property owners, renters and vacationers in more than 30 countries worldwide. Having proven its ability to scale as a fast-growing PropTech in today’s complex and dynamic market environment, ApartmentLove is driving its growth through an acquisition program – high monthly active users, recurring revenue, positive cash flow history, while developing its organic growth strategies in key markets around the world. special technologies that both speed up and destroy the rental experience. ApartmentLove Inc. is a publicly traded company with its common stock listed on the Canadian Securities Exchange (CSE: APLV ).
For more information, visit https://apartmentlove.com/investors or contact:
President & CEO
Certain information contained in this news release may contain forward-looking statements that involve significant known and unknown risks and uncertainties, some of which are beyond the Company’s control. Forward-looking statements often include words such as “plan,” “continue,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate,” “will,” “will.” It is characterized. , “potential,” “proposed,” and other similar words or expressions that indicate that certain events or conditions “may” or “will occur.” These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, even if believed to be reasonable at the time of preparation, may prove to be inaccurate, and therefore forward-looking statements should not be placed without undue reliance. Forward-looking statements include, but are not limited to, the expected benefits of the Acquisition and the Company’s ability to realize the benefits of the Acquisition; The company realizes the benefits of its growth with an acquisition mandate; The company’s ability to turn cash flow positive; and the Company’s ability to successfully integrate the acquired business. Except as required by applicable law, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Risk factors can be found in the company’s continuous disclosure documents filed on SEDAR and available at www.sedar.com.
To the extent that any forward-looking information in this press release constitutes “forward-looking financial information” or “financial outlook” under applicable Canadian securities laws, such information is provided to reflect the Company and the Company’s expected product sales. the reader is cautioned that this information may not be suitable for any other purpose and the reader should not place undue reliance on such forward-looking financial information and financial projections. Forward-looking financial information and financial projections are generally, without limitation, based on assumptions, as are forward-looking statements, and are subject to the risks described above under the heading “Reader Advisory”. The Company’s actual financial condition and results of operations may differ materially from its management’s current expectations, and as a result, the Company’s actual revenue may differ materially from the future revenue projections presented in this press release. Such information is provided for illustrative purposes only and may not be indicative of the Company’s actual financial condition or results of operations.
Interest Taxes Depreciation and Profit before Depreciation (“EBITDA“) does not have a standardized meaning defined by International Financial Reporting Standards (“IFRS“) issued by the International Accounting Standards Board and therefore considered a “non-IFRS measure” and not comparable to similar measures provided by other issuers. ApartmentLove believes that non-IFRS measures of EBITDA combined with IFRS .measures such as revenue and net income (loss) are useful measures for its shareholders because management relies on such measures to provide information about future operations. Notwithstanding the foregoing, readers are cautioned that EBITDA should not be interpreted as an alternative. IFRS as an indicator of a company’s financial performance to financial measures determined in accordance with
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