Urbanfund Corp.
TSX VENTURE : UFC

November 16, 2009 08:00 ET

Urbanfund Corp. Announces Termination of Purchase Agreement to Acquire 585 Suite Portfolio in Kitchener and Toronto, Ontario

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2009) - Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE:UFC) (the "Company"), confirmed today that the Company has terminated the conditional Purchase Agreement and will no longer pursue the acquisition of 585 suites located in Kitchener and Toronto, Ontario.

The decision to terminate the Purchase Agreement was based on the Company's review of additional information that was made available during the conditional period. "In light of the new information that we received, it was not in the best interest of the Company to continue to pursue the transaction any longer," stated Mitchell Cohen. "Although we are disappointed that we needed to terminate the Purchase Agreement, we will continue to move forward to purchase quality multi-family residential and retail properties."

Urbanfund Corp. is a Toronto-based internally managed real estate development and operating company. The Company'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.

Urbanfund Corp. is a TSX Venture exchange listed real estate company based in Toronto. The Company's common shares trade under the symbol UFC. Urbanfund Corp. is a TSX Venture exchange listed real estate company based in Toronto. The Company's common shares trade under the symbol UFC.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intend", "may", "will", "should", "could", "anticipate", "believe", "plan", "estimate", "potential", "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Company. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include such risks and factors as are detailed from time to time in the Company's continuous disclosure documents filed with the Ontario Securities Commission and other regulatory authorities at www.sedar.com. Actual results may differ materially from those currently anticipated. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Urbanfund Corp.
    Mitchell Cohen
    President & CEO
    (416) 703-1877x225