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CALGARY, Alberta, Nov. 9, 2022 (GLOBE NEWSWIRE) — ApartmentLove Inc. (CSE: APLV) (“Apartment Love” or the “company”), a leading provider of online marketing services for homes, apartments and vacation rentals for owners, renters and vacationers worldwide is pleased to announce that it has entered into an Asset Purchase Agreement (the “Purchase Agreement”) with an Internet listserv company based in Ontario (the “seller”) to purchase the Internet listing services business of Seller (the “Acquired business“) for a cash purchase price of $940,000, subject to customary working capital adjustments (the “Acquisition“).
“The Canadian rental market remains very active as prospective homeowners are moving away from the unaffordably high cost of home ownership in favor of the freedom and flexibility afforded to renters,” said Trevor Davidson, President and CEO of ApartmentLove Inc. Mr. Davidson added. , “the acquired company has been at the forefront of the Canadian commercial space and is a particularly well-known and celebrated brand in Southern Ontario. The acquisition provides us with many new and additional paying customers and their rental listings, many of which are in the Greater Toronto Area (the “GTA”), the most populous region in the country, while offering hundreds of thousands of new monthly active users (“BAD”) greatly expanding the scope and capability of our Canadian offering”.
The acquisition is expected to close on or about November 30, 2022, subject to the completion of customary closing conditions contained in the purchase agreement for transactions of this nature. Following the closing of the acquisition, ApartmentLove expects to retain the existing top-line operating team currently leading the acquired business, as well as preserve the domain as a standalone asset under the expanding ApartmentLove Inc. umbrella. Management believes these post-closing procedures will help ensure a smooth transition for all clients, customers, MAUs and cash flows.
Following the completion of the acquisition, management believes new and ongoing investments in search engine optimization (“seo”), digital marketing and other advertising and promotional strategies targeting GTA tenants will restore the acquired company’s core sales to “pre-pandemic levels” and anticipate earnings in excess of a 50% EBITDA margin. In the near term, the incremental revenue and net cash generated from operations of the acquired business will support the company’s recurring cash flows and contribute to management’s goal of becoming cash flow positive as long as possible. as soon as possible
The acquisition exemplifies the type and type of established, scalable, high-margin business ApartmentLove is looking to acquire while consolidating the deeply fragmented Internet listing industry.
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, a track record of recurring revenue, positive cash flows, and customized technologies that accelerate and ease the rental experience while advancing their own organic growth strategies in key markets around the world. ApartmentLove Inc. is a publicly traded company with its common stock listed on the Canadian Stock Exchange (CSE: APLV).
For more information visit or contact:
Trevor Davidson President and CEO ApartmentLove Inc.[email protected] (647) 272-9702
Advice to the reader
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 statements are predictions only. Readers are cautioned that the assumptions used in the preparation of this information, even if believed to be reasonable at the time of preparation, may prove to be inaccurate and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated benefits of the acquisition and the Company’s ability to realize the benefits of the acquisition; the company realizing the benefits of its growth by acquisition mandate; the company’s ability to become cash flow positive; and the company’s ability to successfully integrate the acquired business. The company undertakes no obligation to update forward-looking statements, 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.
To the extent any forward-looking information in this press release constitutes “forward-looking financial information” or “financial outlook” within the meaning of applicable Canadian securities laws, such information is provided to demonstrate the expected product sales of the company and the reader is cautioned that this information may not be suitable for any other purpose and that the reader should not place undue reliance on this forward-looking financial information and financial outlook. Forward-looking financial information and financial outlooks, as with forward-looking information generally, are based, without limitation, on the assumptions and subject to the risks set forth above under the heading “Advisory to the Reader.” The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s actual revenues may differ materially from the revenue projections set forth in this release. of press This information is presented for illustrative purposes only and may not be indicative of the Company’s actual financial condition or results of operations.
Earnings before depreciation and amortization of interest taxes (“EBITDA”) 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, as management relies on these measures to provide information about future operations. However , readers are cautioned, 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.
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Source: ApartmentLove Inc.
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