ApartmentLove Acquires OwnerDirect.com for 2.5x EBITDA Entering Short-Term Vacation Rental Market

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CALGARY, Alta., July 18. 2022 (GLOBE NEWSWIRE) — ApartmentLove Inc. (CSE: APLV) (“ApartmentLove“or the”Company”), a leading provider of online home and apartment rental marketing services for landlords and renters in over 30 countries across 5 continents of the world, is delighted to announce that it has successfully finalized the acquisition of OwnerDirect.com – a short term vacation rental marketing platform with operations in Canada, the United States, Mexico and the Caribbean (“OwnerDirect.com“or the”Seller”), paying less than 1x revenue and only 2.5x EBITDA (the “Acquisition”).

Already attracting nearly one million visitors to its website this year, OwnerDirect.com is one of the largest short-term vacation rental websites in its category. After successfully completing an exhaustive search engine optimization (“SEO”) audit During due diligence, the ApartmentLove transition team along with its SEO partners identified many operational efficiencies that will further improve the buying metrics of this transaction. As travel restrictions ease and borders open in the wake of the covid-19 pandemic, management believes that continued investments in SEO, digital marketing and other advertising and promotional strategies targeting hosts and vacationers in key vacation destinations will restore frontline sales to “pre-pandemic” while achieving an EBITDA margin above 50% in the relative short term.

“The short-term vacation rental market is very strong right now,” says Trevor Davidson – President and CEO of ApartmentLove, before adding, “The acquisition of OwnerDirect.com underscores our investment in the Internet listings industry and our commitment to expanding the reach and capability of our business Already well represented in the long-term rental market, the acquisition of OwnerDirect.com further enhances our product, service and We are delighted to have completed this transaction, while retaining the entire OwnerDirect.com operations and development team, which should allow for a long and smooth trail ahead. welcome to the ApartmentLove family.

A unique discovery and a testament to the tireless work of ApartmentLove’s acquisition team, this transaction exemplifies the kind and type of high-margin business ApartmentLove seeks to acquire while consolidating the deeply fragmented listings industry. on the Internet. The acquisition of OwnerDirect.com marks the company’s entry into the short-term rental market and significantly expands ApartmentLove’s reach and ability to serve the entire Internet listing industry.

About OwnerDirect.com

Owner Direct Vacation Rentals (“OwnerDirect.com”) was launched in 1994 to rent private ski condos in the Kelowna, BC area. Shortly after its launch, the number of properties listed on www.ownerdirect.com grew and the business expanded to other nearby ski resorts in the province of British Columbia. Now, OwnerDirect.com features thousands of active vacation rental homes at hundreds of resorts around the world. Proudly sporting an A+ Better Business Bureau rating as one of the highest rated vacation rental companies on the web, OwnerDirect.com is growing rapidly in major vacation rental markets including Florida, Hawaii, Mexico and the Caribbean. OwnerDirect.com is an ApartmentLove Inc. company.

For more information visit https://www.ownerdirect.com/

About ApartmentLove Inc.

ApartmentLove Inc. (CSE: APLV) is a leading provider of online residential rental marketing services to owners and tenants in over 30 countries on 5 continents around the world. Having proven its ability to scale as a fast-growing “PropTech”, ApartmentLove continues to grow through an acquisition program – buying competing companies that have high monthly active users, a history of recurring revenue, positive cash flow and custom technologies that accelerate and de-stress the rental experience, while applying its custom search engine optimization and other organic growth strategies across the United States. ApartmentLove Inc. trades on the Canadian Securities Exchange (CSE: APLV).

For more information, visit https://apartmentlove.com/investors or contact:

Trevor Davidson President and CEO ApartmentLove Inc.[email protected] (647) 272-9702

Notice to readers

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 are only predictions. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, accordingly, undue reliance should not be placed on any 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 through acquisition mandates; the Company’s ability to generate positive cash flow; and the Company’s ability to successfully integrate and realize the benefits of the Acquisition. The Company undertakes no obligation to update any 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 which have been filed on SEDAR and can be viewed at www.sedar.com.

To the extent that any forward-looking information contained 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 anticipated product sales of the Company and the reader is cautioned that such information may not be appropriate for other purposes and should not place undue reliance on such financial information and forward-looking financial outlook. Forward-looking financial information and financial outlook, like forward-looking information generally, is, without limitation, based on the assumptions and subject to the risks set forth above under the heading “Notice to Readers”. The Company’s actual financial condition and results of operations may differ materially from the current expectations of its management and, accordingly, the Company’s actual revenues may differ materially from the forward-looking revenue projections provided in this press release. This information is presented for illustrative purposes only and may not be indicative of the Company’s actual financial condition or results of operations.

EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) does not have a standardized meaning as prescribed by International Financial Reporting Standards (“IFRS“) as issued 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 measure not -IFRS 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. Notwithstanding the foregoing, 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.

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Source: ApartmentLove Inc.

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