URB.A Urbana Corporation

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

Urbana Corporation has now purchased, under a Normal Course Issuer Bid ("NCIB"),
7,526,320 of the company's Class "A" shares (TSX:URB.A).


The NCIB purchases, over the past 10 months, represent a reduction of
approximately 10% of the URB.A shares outstanding.


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 has been reduced to 70,000,000 as of February 8th, 2011.


Urbana's Net Asset Value ("NAV") per share is $1.94, as of February 7th, 2011.

Urbana Corporation is using the current share price discount from asset value
(approximately $0.70 per share) to benefit existing shareholders.


Urbana's investment portfolio now combines publicly traded and private holdings,
with a current focus on financial services.


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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