Urbanfund Corp.

March 08, 2007 14:12 ET

CORRECTION FROM SOURCE: Urbanfund Corp. Announces Proposed Sale Transaction

TORONTO, ONTARIO--(CCNMatthews - March 8, 2007) -

A correction from source is issued with respect to the release sent out on March 8, 2007 at 0830 ET. The third paragraph of the original release stated "...a pre-tax gain on the disposition of approximately $125,000" but should have read "... a pre-tax gain on the disposition of approximately $300,000." The complete and corrected version follows.

Mitchell Cohen, President of Urbanfund Corp. ("Urbanfund" or "the Corporation") (TSX VENTURE:UFC), announced today that LAB Research Inc. (TSX:LRI) ("LAB Research"), a rapidly growing non-clinical contract research organization with operations in both North America and Europe, entered into an agreement with Laval Armand Properties Ltd. ("Laval Armand") to purchase the property in Laval, Quebec currently owned by Laval Armand and leased by LAB Research. Urbanfund holds 5% of the issued and outstanding shares of Laval Armand.

The purchase price for the property is $23,000,000 subject to usual adjustments. Of this amount, approximately $10,000,000 shall be deducted from the purchase price for amounts owing to LAB Research, consisting mainly in costs incurred by LAB Research for the expansion of the property.

Urbanfund acquired its 5% interest in Laval Armand on December 15, 2007 for an aggregate acquisition cost of $192,500. Urbanfund anticipates realizing a pre-tax gain on the disposition of approximately $300,000.

The transaction is subject to satisfaction of closing conditions to be met by each of LAB Research, Laval Armand, including, among others, obtaining a release from the current secured lender on the property. Completion of the transaction is scheduled to occur at the latest on April 16, 2007.

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


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 Corporation. 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 Corporation'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 Corporation 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
    (416) 361-5000
    Urbanfund Corp.
    Steve Isenberg
    (416) 603-4343