METROSPACES CEO RELEASE SHAREHOLDER LETTER ON YEAR-TO-DATE COMPANY PERFORMANCE AND FINANCIAL REPORTING UPDATE

Rhea-AI Summary

Metrospaces (OTC: MSPC) announced a shareholder update from CEO Oscar Brito, addressing its performance amid challenging economic conditions. The company successfully closed on new properties, signed letters of intent for further acquisitions, and progressed with its MetroHouse service. Key achievements include acquiring six properties in Indianapolis, advancing the MetroHouse app, and planning future features. Notably, the company will launch its first luxury vacation properties in the Dominican Republic by Fall 2022 and plans to file audited financials shortly, enhancing transparency.

Positive

• Acquired six properties in Indianapolis and preparing for MetroHouse listings.
• Completed significant improvements to the MetroHouse commercial application.
• Launch of luxury vacation properties in the Dominican Republic by Fall 2022.
• 15% increase in Net Operating Income year-to-date from cost-reduction strategies.
• Five-star rating from Beta Testers for MetroCrowd platform functionality.

Negative

• None.

NEW YORK, NY, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Metrospaces, Inc. (OTC: MSPC) ("Metrospaces" or the "Company"),  a leading a PropTech company, combining world-class real estate development organization seeking to reinvent the real estate industry using Artificial Intelligence (“AI”), Blockchain and other technologies,  reported a Shareholder Letter from its CEO, Oscar Brito with an update on the Company performance year to date and financial reporting status.

Dear Shareholders:

The last few months have been some of the most difficult in recent memory for our economy, and even tougher for the capital markets. I am pleased to announce that during this tumultuous period, Metrospaces has successfully closed on new properties, signed letter of intent for further acquisition, advanced on its key service, MetroHouse and taken a significant step forward to provide much anticipated audited financials.

The last six months, Metrospaces has achieved key strategic objectives with our MetroHouse service offering:

• Earlier in 2022 Metrospaces acquired six properties in Indianapolis, during this time we have completed furnishing and decorating them and they will be placed under the  MetroHouse brand. These initial real estate assets will be listed on the MetroHouse app and property management technology. This milestone fills us with immense pride as it is the culmination of multiple years of arduous work to realize our vision and strategy execution.
• We have successfully completed several improvements in the MetroHouse commercial version application, including several additions we added from our Beta Testing client’s feedback.
• In a future version the MetroHouse app will include additional location-based community and neighborhood information services, such as restaurants, services, points of interest and other useful add-ons for the benefit of the MetroHouse guest.
• We believe that a MetroHouse property rental process should be friction-less, easy, and convenient so we added the ability to autofill information and contract signing directly within the app. Payment services will be provided by Braintree and we will have the ability to process payments via ACH (Direct Bank Account Debit), Debit and Credit Cards.
• We are expected to go live and full commercial availability with the MetroHouse services by the end of Summer 2022.
• Our first Luxury Vacation Properties in the  Dominican Republic will be ready by Fall 2022. We expect to launch this first international investment with full media coverage and public relations events promoting the brand and our services. We will keep you updated as we near completion.

MetroCrowd – Tokenization platform
MetroCrowd Beta test began on the Fourth Quarter of 2021. Rigorous testing of the platform and feedback from the Test Users have identified key features, which allowed overall enhancements in the user experience, ease of use and general flow. To date Beta Testers have rated the platform five stars out of five on functionality. These successes are driving the design team at Shokworks, our technology provider, to further develop the software platform for its commercial launch later this year. This revolutionary technology will not only cater to third-party real estate owners and developers but will also allow the company to tokenize our own internal real estate assets.

Update on our Acquisitions and Investment Strategy
We have successfully completed several acquisitions in the last six months. I would like to share the highlights of these developments:

• In June we announced the acquisition of a construction lot located in Philadelphia, Pennsylvania. Construction of a three story, four bedrooms, rooftop and working space area Townhouse, four blocks from Templeton University is expected to complete by the end of Fall 2022.
• We also signed an option to purchase agreement of an additional construction lot. On the selected property Metrospaces plans to build a three floor, four-bedroom, rooftop and working area space Townhouse. The company expects to close the purchase by the end of June 2022.
• These additions to the Company inventory of properties will be part of the MetroHouse™ platform focused on developing co-living spaces in secondary cities, targeting the student market and “digital nomad” destinations.
• Indianapolis, Indiana: Following the Metrospaces acquisition of two single family, three-bedroom homes in a growing Indianapolis neighborhood, the team made alliances with several strong real estate partners in this market and seeks to be active in this market with potential additional property acquisitions in the coming months. These properties are expected to be the first to be offered on our MetroHouse app.
• Houston, Texas: The Brazos Atrium office complex continues to show 99.9% occupancy. Our successful cost reduction strategies have yielded a 15% increase in NOI year to date as previously reported.
• Loma Linda, Dominican Republic: The Infinity View Villas project, which includes a 3,500 sq. ft. mansion, three luxury 3-bedroom villas and an apartment complex featuring six 1–2-bedroom units, will add a total of eighteen bedrooms of new inventory to our MetroHouse co-living platform. We are preparing to launch the sale of fractional ownership via fractional tokenization  by the end of summer 2022.

Audited Financials and Reporting
We have been diligently updating our financial statements and reporting. The Company has completed its  audits of its 2020 and 2021 financials and plans to file its Form 10-K within the next 15 days.

Communication to Shareholders
You can now access our blog on our corporate website, where we share industry and topics, consolidating our role as a leader in the growing PropTech ecosystem. We have also launched a monthly newsletter with the objective of keeping our shareholders and prospective clients updated on our service offerings, new properties, and services.

I thank you all for your trust and your support and look forward to providing more updates as we near delivery of product later this summer.

Oscar Brito, CEO                                             

Relevant Links: 
http://metrospaces.com/
https://shokworks.io

About Metrospaces: MetroSpaces is a PropTech company, combining world-class real estate development with innovative technology. Our distinctive focus on leveraging novel technology in this space forges a uniquely valuable, transformative business. MetroSpaces seeks to reinvent the real estate industry through innovative IT solutions which solve a broad array of problems in this space. Their products and services utilize AI, blockchain and other leading-edge technologies to facilitate enhanced end-to-end management and administration, increased transparency, and heightened security property transactions. The Company tokenized offerings expects to democratize capital markets by expanding property ownership opportunities to small investors, while increasing its access to liquidity.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

Metrospaces Inc. contact information:
investors@metrospaces.com

Source: Metrospaces, Inc.

www.metrospaces.com

FAQ

What recent updates did Metrospaces (MSPC) announce?

Metrospaces announced new property acquisitions, enhancements to the MetroHouse app, and upcoming audited financials.

When will Metrospaces file its audited financials?

Metrospaces plans to file its audited financials within the next 15 days.

What properties did Metrospaces acquire recently?

Metrospaces acquired six properties in Indianapolis and a construction lot in Philadelphia.

What innovations are coming with the MetroHouse service?

MetroHouse will feature location-based services and a streamlined rental process through the app.

When is the launch date for the MetroHouse service?

MetroHouse services are expected to be live by the end of Summer 2022.