Pineapple Financial Inc. Announces Expansion Into Alberta

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Feb 06, 2024, 08:05 ET

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 Financial Inc. | NYSE American: PAPL (CNW Group/Pineapple Financial Inc.)

"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.

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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.

SOURCE Pineapple Financial Inc.