URB.A Urbana Corporation

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

In connection with a Notice of Intention to make a Normal Course Issuer Bid,
accepted by the Toronto Stock Exchange (the "TSX") on August 26, 2009 for the
period of August 28, 2009 to August 27, 2010, Urbana Corporation purchased
3,083,920 of its own Class "A" shares (TSX:URB.A)


The URB.A shares were purchased on the open market at significant discounts from
the company's net asset value per share.


The shares purchased were cancelled and as a result the outstanding number of
Urbana Class A shares was reduced to 74,442,400 as at August 27, 2010.


On August 26, 2010 the TSX accepted a new Notice of Intention to make a Normal
Course Issuer bid from Urbana ("NCIB"). Urbana intends to act upon this NCIB
which permits Urbana to purchase up to 7,431,323 of its non-voting Class A
shares, representing 10% of the public float pursuant to TSX rules, during the
period of August 28, 2010 to August 27, 2011. Urbana's Net Asset Value ("NAV")
per share is $1.81, as of August 27th, 2010.


To the knowledge of Urbana, no director, senior officer or other insider of
Urbana currently intends to sell any Class A shares under the bid. However,
sales by such persons through the facilities of the TSX may occur if the
personal circumstances of any such person change or if any such person makes a
decision unrelated to the bid. The benefits to any such person whose shares are
purchased would be the same as the benefits available to all other holders whose
shares are purchased.


Urbana believes that the market price of its Class A Shares at certain times may
be attractive and that the purchase of Class A Shares from time to time would be
an appropriate use of corporate funds in light of potential benefits to
remaining shareholders.


Forward-Looking Statements

Certain statements in this press release constitute "forward-looking" statements
that involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Urbana to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Unless required by applicable
securities law, Urbana does not assume any obligation to update these
forward-looking statements.

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