Urbana Corporation
TSX : URB.A

Urbana Corporation

July 07, 2010 16:39 ET

Urbana Corporation-Normal Course Issuer Bid Purchases

TORONTO, ONTARIO--(Marketwire - July 7, 2010) -

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

Since May 20th, 2010, Urbana Corporation ("Urbana"), as part of a Normal Course Issuer Bid ("NCIB"), has purchased 1,726,320 Urbana Class "A" shares (TSX:URB.A). 

The URB.A shares were purchased on the open market at purchase prices ranging from $1.30 to $1.55.

These NCIB purchases have reduced the number of URB.A shares outstanding to 75,800,000.

Urbana's Net Asset Value ("NAV") per share is $1.92, as of July 6th, 2010.

No director, senior officer or other insider of Urbana currently has sold 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.

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.

Contact Information

  • Urbana Corporation
    Elizabeth Naumovski
    Investor Relations
    416-595-9106
    www.urbanacorp.com