UFC Urbanfund Corp

Further to Urbanfund Corp's press release dated July 13, 2012, Mitchell Cohen,
President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE:UFC) (the
"Company"), confirmed today that the Company, along with its joint venture
partner, Westdale Construction Co. Limited ("Westdale"), has sold the property
known municipally as 790-800 Richmond Street West (the "Property"). 


The property is comprised of twin-tower apartment complex located on Richmond
Street, West of Bathurst Street. In 2003, the Corporation entered into a joint
venture with Westdale and acquired its 10% undivided interest in the property.
Mr. Ronald S. Kimel, the Chairman and Chief Executive Officer of Urbanfund, is a
director, officer and shareholder of Westdale, the Company's largest
shareholder.


Financial terms of the proposed Property sale were not disclosed. It is
anticipated that Urbanfund will receive gross proceeds from the sale of
approximately $7.5 million (subject to customary purchase price adjustments for
transactions of this nature) prior to repayment of mortgage liabilities and
related obligations. The Company anticipates using the net proceeds of the
proposed sale to further its stated business objectives.


Urbanfund Corp. is a Toronto-based real estate development and operating
company. Urbanfund Corp. is a TSX Venture exchange listed real estate company
based in Toronto. The Company's common shares trade under the symbol UFC on the
TSX Venture Exchange. Urbanfund's focus is to identify, evaluate and invest in
real estate or real estate related projects. The Company's assets are located in
Belleville, London and Toronto, Ontario. The Company's strategy going forward
remains committed to seek accretive real estate or real estate-related
opportunities.


FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, including
statements relating to the use of proceeds from the sale transaction, repayment
of mortgage liabilities and related obligations, the financial impact on the
Company in respect of the proposed sale transaction and the Company's future
plans and intentions and other future events. Wherever possible, words such as
"may", "will", "should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or other
variations of these words, or similar words or phrases, have been used to
identify these forward-looking statements. These statements reflect Management's
current beliefs and are based on information currently available to management
as at the date hereof.


Forward-looking statements involve significant risk, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, the Company
cannot assure readers that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of the
date of this press release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances, except as required by law.
Many factors could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including: general economic and market segment conditions, interest
rates, costs outside of the Company's control

such as Real Estate Taxes and utilities, the ability of tenants to satisfy their
contractual rent obligations and any unforeseen repair, maintenance or
replacement of the Company's assets. More detailed assessment of the risks that
could cause actual results to materially differ than current expectations is
contained in the "Risks and Uncertainties" section of the Company's most recent
Management's Discussion and Analysis, which is filed on www.sedar.com

Urbanfund (TSXV:UFC)
Historical Stock Chart
From May 2024 to Jun 2024

Urbanfund (TSXV:UFC)
Historical Stock Chart
From Jun 2023 to Jun 2024