ApartmentLove completes the last installment of its previous
NOT FOR DISTRIBUTION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.
CALGARY, Alberta, Sept. 02, 2022 (GLOBE NEWSWIRE) — ApartmentLove Inc. (CSE: APLV) (“ApartmentLove“or the”Company“), a leading provider of online home, apartment and vacation rental marketing services to homeowners and renters in more than 30 countries worldwide, is pleased to announce, continued to its press releases dated May 20, 2022 and June 10,000,000 Company Units (“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 occasioned by the global pandemic, ApartmentLove continues to operate as promised in executing its business plans and attracting new investment. Anchored by its search engine optimization (“SEO”) Program targeting tenants in major US markets and backed by its plans to shore up the deeply fragmented Internet listings industry via acquisition – as evidenced by its recent purchase of OwnerDirect.com paying just 2x EBITDA adjusted, ApartmentLove has demonstrated a unique ability to evolve in these uncertain times.
“The success of this fundraising and in these difficult financial market conditions testifies to the strength of our offer, the expertise of our financial partners and the faith and trust shown in us by the investment community”, said said Trevor Davidson – President and CEO of AppartementLove. Mr. Davidson added, “The funds from this now-closed unit offering provide us with enough cash to continue our SEO efforts targeting tenants in key U.S. markets and to make dedicated outside sales hires to push our model. recurring monthly subscription sales as we continue to gain share in key rental markets coast to coast.
The last tranche of the closed private placement consisted of 3,046,663 units for gross proceeds of $457,000. The securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day, in accordance with applicable securities laws.
As previously disclosed in the press release dated June 10, 2022, several directors, as defined in NI 61-101 Protection of holders of minority securities in special transactions (“MI 61-101“), participated in the Private Placement, directly or indirectly, therefore the Private Placement constitutes a “related party transaction” within the meaning of NI 61-101. In its review and approval of the Private Placement, the Board of Directors of the Company has determined that the private placement is exempt from the formal valuation and minority approval requirements of NI 61-101 on the basis that the fair market value of the private placement to related parties does not exceed 25% of capitalization Company’s stock exchange, in accordance with Articles 5.5 and 5.7 of NI 61-101.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) is a leading provider of online rental marketing services for owners, renters and vacationers in over 30 countries around the world. Having proven its ability to evolve as a fast-growing “PropTech” in today’s complex and dynamic market environments, ApartmentLove continues to grow through an acquisition program – the purchase of businesses add-ons that have many monthly active users, a history of recurring revenue, positive cash flow, and custom technologies that both accelerate and de-stress the rental experience, while supporting personalized SEO and other marketing strategies. organic growth across the United States. ApartmentLove Inc. trades on the Canadian Securities Exchange (CSE: APLV).
For more information, visit https://apartmentlove.com/investors or contact:
President and CEO
Notice to readers
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this press release. Certain information in this press release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond the control of the Company. Forward-looking statements are often characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements and others like them 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 imprecise and, therefore, no undue reliance should be placed on any forward-looking statement. . Forward-looking statements include, but are not limited to, the Company successfully executing its organic growth and growth through acquisition mandates and realizing the benefits of such mandates.
EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) does not have a standardized meaning as prescribed by International Financial Reporting Standards (“IFRS“) as published by the International Accounting Standards Board and, therefore, is 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 insight into future operations. above, readers are cautioned, however, that EBITDA should not be construed as an alternative measure determined in accordance with IFRS as an indicator of the Company’s financial performance.
The forward-looking information contained in this press release speaks 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 which have been filed on SEDAR and can be viewed at www.sedar.com.
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