Urbanfund Corp.

December 03, 2007 10:04 ET

Urbanfund Corp. Reports Financial Results for the Quarter Ended September 30, 2007

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2007) - Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE:UFC)(the "Company"), confirmed today that the Company has filed interim financial results for the quarter ended September 30, 2006.

For the quarter ended September 30, 2007, the Company reported a net loss of $126,429 and a net loss per share of $0.012 compared with a net loss of $86,521 and a net loss per share of $0.006 for the corresponding quarter in 2006.

The Company's revenues decreased slightly in the quarter ended September 30, 2007 to $320,654 compared with revenues of $345,609 for the corresponding period in 2006. The increase in net loss for the three month period ended September 30, 2007 compared with the corresponding period ended September 2006 is principally due to an increase in General and Administrative Costs and a decrease in Interest income.

Net Income
Quarter ended Revenue Net Income Per Share
(Loss) (common)
September 30, 2007 $320,654 ($126,429) (0.012)
June 30, 2007 $1,139,155 $358,221 0.035
March 31, 2007 $316,909 ($88,864) (0.009)
December 31, 2006 $342,777 ($343,548) (0.024)
September 30, 2006 $345,609 ($86,521) (0.006)
June 30, 2006 $334,337 ($120,347) (0.012)
March 31, 2006 $316,139 ($51,560) (0.005)
December 31, 2005 $306,844 ($26,782) (0.003)

The Company would also like to announce that effective October 16, 2007, Mr. Mitchell Cohen, the Company's President and Secretary, has also assumed the role of Chief Executive Officer. This role was previously held by Mr. Ronald S. Kimel and Mr. Kimel will remain as Chairman and a member of the Board of Directors of Urbanfund Corp. The Company would like to thank Mr. Kimel for his work and dedication during his tenure as Chief Executive Officer.

For comprehensive disclosure of the Company's performance during the year ended 2006 and the quarter ended September 30, 2007 and its financial position as at such dates, reference should be made to the Company's consolidated financial statements for the year ended December 31, 2006 and the interim financial statements for the quarter ended September 30, 2007 and the notes thereto and auditors' report thereon, as applicable, 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 focus is to identify, evaluate and invest in real estate or real estate related projects. All of the Company's assets are located in 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.

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" 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 periodic reports filed with the Ontario Securities Commission and other regulatory authorities. 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.

Neither the TSX Venture Exchange nor any other regulatory body has reviewed and therefore does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Urbanfund Corp.
    Mitchell Cohen
    President & CEO
    (416) 361-5000
    Urbanfund Corp.
    Steve Isenberg
    (416) 603-4343