TORONTO, Feb. 6, 2024
Pineapple Financial Inc. (NYSE American: PAPL), a tech-focused
mortgage brokerage with an integrated network of partner brokerages
and agents across Canada, today
announced it has added three experienced Alberta-based teams to its network. This move
represents the company's first foray into the Alberta market.
This expansion is expected to provide access to Alberta's rapidly growing economy, expanding
population, and affordable housing options, and provide incremental
revenue of more than $150 million in
the next 12 months, said the company.
"Pineapple proudly welcomes industry leaders Brad Gavin, Cherie
Birch, Ajay Menezes and their
teams to our expanding network," stated Pineapple Chief Strategy
Officer Christa Mitchell, "These
teams will play a pivotal role in driving our success in the
Alberta market."
According to Pineapple National Inc., a wholly owned subsidiary
of Pineapple Financial Inc., the teams anticipate a surge in
activity following the Bank of Canada's projected interest rate reductions
later this year.
Mr. Menezes added, "We believe there will be increased
opportunity for those who didn't qualify before, particularly those
looking to move from private to alternative mortgages and
alternative to prime rate products."
Mr. Gavin noted, "There will likely be tremendous potential to
utilize available equity and re-amortize loans, enabling our
clients to maintain lower payments."
Commenting on the ongoing provincial migration driven by the
affordable housing options in the province, Ms. Birch said,
"Alberta's appeal to investors and
residents is undeniable. With accessible property prices and
impressive rental returns, we've also seen an uptick in investors
and out-of-province buyers looking to secure more accessible
pricing options."
Echoing the sentiment, Mr. Menezes stated, "First-time
homebuyers utilizing government incentives will continue to fuel
this momentum, with developers focusing on building homes that
cater to increased buyer demand in affordable housing."
All three teams added that they have ambitious plans for
expansion and team development in 2024 by leveraging Pineapple's
cutting-edge technology and training program to support their
growth and revenue potential.
"Pineapple remains committed to supporting our partners' growth
and success," concluded Ms. Mitchell. "We're excited to embark on
this journey together, as we continue to expand rapidly across
Canada."
Pineapple Financial Inc. now has operations in nine Canadian
provinces, including Alberta,
British Columbia, Saskatchewan, Manitoba, Ontario, New
Brunswick, Nova Scotia,
Newfoundland and Labrador and PEI.
About Pineapple
Financial:
Pineapple is an award-winning fintech and leading Canadian
mortgage brokerage network, focusing on both the long-term success
of agents and brokerages, as well as the overall experience of
homeowners. With approximately 700 brokers within the network,
Pineapple creates cutting-edge cloud-based tools and AI-driven
systems to enable its brokers to help Canadians realize their dream
of owning a home. Pineapple is active within the community
and is proud to sponsor charities across Canada to improve the lives of fellow
Canadians.
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "potential,"
"continue" or other similar expressions. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations that arise after the date hereof,
except as may be required by law. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the "Risk Factors" section of the
registration statement filed with the SEC. Although the Company
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and the Company cautions
investors that actual results may differ materially from the
anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and other filings with the SEC. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov.
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
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SOURCE Pineapple Financial Inc.
