Urbanfund Corp.

April 29, 2008 17:33 ET

Urbanfund Corp. Reports Financial Results for the Year Ended December 31, 2007

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. ("Urbanfund" or the "Company") (TSX VENTURE:UFC), confirmed today that the Company has filed financial results for the twelve (12) months ended December 31, 2007.

For the year ended December 31, 2007, the Company reported a net loss of $371,856 on revenues of $1,260,182 excluding the gain on the sale of Laval Armand Properties Ltd.'s Laval, Quebec property ("Laval") that the Company held a 5% interest in (the "Laval Joint Venture") of $514,672, compared with a net loss of $410,741 on revenues of $1,280,219 for the corresponding period in 2006. Rental income remained in line with 2006 rental income while rental expenses increased primarily due to in-suite electrical up-grades and security enhancements at the Company's Don Mills and Van Horne complex. Administration costs and amortization both decreased during the period resulting in the decrease in net loss.

For the year ended December 31, 2007, the Company reported net earnings of $189,034 compared with a net loss of $601,977 for the corresponding period in 2006. The increase in net earnings in 2007 was principally due to the one-time gain of $514,672 on the sale of the Company's interest in the Laval Joint Venture.

Net income per share was $0.02 ($0.01 on a fully diluted basis) compared with a net loss per share of $0.05 (($0.05) on a fully diluted basis) for the corresponding period in 2006.

Assets decreased by $680,157 to $15,151,937 as at December 31, 2007 compared to an increase of approximately $1,089,446 to $15,832,094 as at December 31, 2006. The decrease in assets was due to the sale of Laval and the completion of the ongoing work at the Richmond Street re-development project. The Company is now no longer associated with the Laval Joint Venture.


Year ended Year ended Year ended
December 31, December 31, December 31,
2007 2006 2005

Revenue $ 1,821,072 $ 1,356,983 $ 1,321,050
Net Income (Loss) 189,034 (601,977) (285,211)
Net Income (Loss) per Share
- Basic 0.02 (0.05) (0.03)
- Diluted 0.01 (0.05) (0.03)
Total Assets $15,151,937 $15,832,094 $14,742,648
Long Term Debt $13,134,414 $13,617,239 $12,373,465
Cash Dividends Declared per
Share Nil Nil Nil

For comprehensive disclosure of the Company's performance for the year ended December 31, 2007 and its financial position as at such date, reference should be made to: (i) the Company's consolidated financial statements for the year ended December 31, 2007 and the notes thereto and auditors' report thereon, as applicable; and (ii) management's discussion and analysis of financial conditions and results of operations for the period ended December 31, 2007, which have been filed with applicable securities regulators on SEDAR at www.sedar.com.

Urbanfund Corp. is a Toronto-based real estate development and operating company. 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 and 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.


This press release contains certain forward-looking statements, which reflect Management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities.

Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. 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.

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

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