Pineapple Financial Inc. Expands Presence in Ottawa and Projects A Revenue Increase In 2024

TORONTO, Dec. 21, 2023 /PRNewswire/ - Pineapple Financial Inc. (NYSE American: PAPL), a tech-focused mortgage brokerage with an integrated network of partner brokerages and agents across Canada, today announced the opening of an office in Ottawa, the nation's capital and fourth largest city.

"With two industry-leading mortgage professionals driving the charge Pineapple anticipates this expansion to result in significant nine-figure volume and seven-figure revenue," said Christa Mitchell, CSO at Pineapple Financial Inc. "This addition solidifies Jennifer Rizzi's and Rami El-Beaino's dedication and commitment in Ottawa as a growing market here in Canada."

Pineapple CEO, Shubha Dasgupta said, "Ottawa has a diverse and stable economy, with a strong emphasis on the public sector due to its role as the nation's capital. The city also has an expanding technology sector and is a significant destination for newcomers to the country." Dasgupta continued "Our presence in this vibrant market will, we believe, significantly contribute to our overall growth strategy and bottom line."

The office, located at 1195 Wellington Street in Ottawa is owned and led by Rami El-Beaino and Jennifer Rizzi. It is the latest hub for Pineapple's innovative mortgage solutions and will initially house 12 mortgage professionals.

"We look forward to rapidly expanding our team to meet the anticipated high demand for Pineapple's cutting-edge AI tools and our collaborative, people-first culture in the region," said Mr. El-Beaino, Mortgage Agent at Pineapple. "Situated in a prime location with new condo and office developments, the office has excellent visibility and foot traffic to attract new clients. It also reflects our values of community and collaboration between agents to enhance the client experience."

Ms. Rizzi, Mortgage Broker at Pineapple, emphasized the potential for growth in Ottawa stating, "The city continues to experience robust real estate activity despite market challenges and economic uncertainty. With the average home price below the national average, coupled with a stable job market and robust immigration, Ottawa offers ample opportunity for homebuyers to successfully enter the housing market and mortgage holders to comfortably absorb the interest rate increases more effectively than their counterparts across Canada." Rizzi continued, "With this unique advantage, we project substantial revenue potential for 2024."

Pineapple now has over 650 mortgage brokers in Canada and maintains corporate offices in Toronto, Metro Vancouver, Winnipeg and Ottawa.

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 650 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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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.