ApartmentLove Inc.
NOT FOR DISCLOSURE IN THE UNITED STATES. Failure to comply with this restriction may constitute a violation of US securities law.
CALGARY, Alberta, Sept. 2, 2022 (GLOBE NEWSWIRE) — ApartmentLove Inc. (CSE: APLV) (“Apartment Love” or the “company”), a leading provider of online home, apartment and vacation rental marketing services for owners and renters in more than 30 countries worldwide, is pleased to announce, following its press releases on 20 of May 2022 and June. 10 of 2022, which has closed the final tranche of its previously announced non-brokered private placement of up to 10,000,000 units of the Company (“units”) at a price of $0.15 per unit for gross proceeds of up to $1,500,000 (the “Private Placement“).
Amid an unprecedented capital environment and the lasting effects of the global pandemic, ApartmentLove continues to deliver as promised in executing its business plans and attracting new investment. Anchored by its search engine optimization (“seo”) aimed at tenants in major US markets and backed by its plans to consolidate the deeply fragmented Internet listings industry through acquisition, as evidenced by its recent purchase of OwnerDirect.com paying just double the Adjusted EBITDA, ApartmentLove has demonstrated a unique ability to scale. such uncertain times.
“Successfully completing this fundraising and amidst these challenging capital market conditions is a testament to the strength of our offering, the expertise of our equity partners and the faith and trust the investment community has in us,” says Trevor Davidson, president and CEO of Apartament Love. Mr. Davidson added, “Funds from this now closed unit offering provide us with plenty of cash to continue our SEO efforts targeting tenants in major US markets and to hire dedicated outside sales to drive our sales model monthly recurring subscription as we continue to earn quota. in the major rental markets coast to coast.”
The story continues
The final tranche of the Private Placement that closed consisted of 3,046,663 units for gross proceeds of $457,000. The securities issued in connection with the Private Placement are subject to a legal hold period of four months plus one day, in accordance with applicable securities laws.
As previously disclosed in the press release issued on June 10, 2022, several directors, as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“), participated in the Private Placement, either directly or indirectly, therefore the Private Placement constitutes a “related party transaction” within the meaning of MI 61-101. In its consideration and approval of the Private Placement, the Company’s Board of Directors determined that the Private Placement is exempt from the formal valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the Private Placement for related parties does not exceed 25% of the Company’s market capitalization, in accordance with Articles 5.5 and 5.7 of MI 61-101.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) is a leading provider of online rental marketing services for owners, renters and vacationers in more than 30 countries worldwide. Having demonstrated its ability to scale as a fast-growing “PropTech” in today’s complex and dynamic market environments, ApartmentLove is fueling its growth through an acquisition program: buying complementary companies that have many active users monthly payments, a history of recurring revenue, positive cash flows, and custom technologies that speed up and ease the rental experience, while supporting your custom SEO and other organic growth strategies in the United States. ApartmentLove Inc. is listed on the Canadian Stock Exchange (CSE: APLV).
For more information visit or contact:
Trevor Davidson
President & CEO
ApartmentLove Inc.
tdavidson@apartmentlove.com
(647) 272-9702
Advice to the reader
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. Certain information set forth in this press release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond the company’s control. Forward-looking statements are often characterized by words such as “plan”, “continue”, “expect”, “project”, “attempt”, “believe”, “anticipate”, “estimate”, “could”, “will”. , “potential,” “proposed,” and other similar words, or statements that certain events or conditions “may” or “will occur.” These and similar statements are predictions only. Readers are cautioned that the assumptions used in the preparation of this information, although believed to be reasonable at the time of preparation, may prove to be inaccurate and, as such, undue reliance should not be placed on any forward-looking statements . Forward-looking statements include, but are not limited to, the Company successfully executing its organic and growth mandates through acquisition mandates and realizing the benefits of such mandates.
EBITDA (Earnings before depreciation and amortization of interest taxes) has no standardized meaning as prescribed by International Financial Reporting Standards (“IFRS“) as issued by the International Accounting Standards Board and is therefore considered a non-IFRS measure and may not be comparable to similar measures presented by other issuers. ApartmentLove believes that the non-IFRS measure of EBITDA, combined with IFRS measures such as revenue and net income (loss), are useful measures for its shareholders because management relies on these measures to provide information about future operations.However, cautions readers, however, that EBITDA should not be interpreted as an alternative to financial measures determined in accordance with IFRS as an indicator of the company’s financial performance.
The forward-looking information contained in this release is made as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. The risk factors can be found in the Company’s continuous disclosure documents filed on SEDAR and accessible at www.sedar.com.
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ApartmentLove® | the feeling of home
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