TORONTO, ONTARIO -- (Marketwire) -- 03/22/13 -- Urbanfund Corp. (TSX VENTURE: UFC) ("Urbanfund" or, the "Company"), provided today an update on the previous announcement that Urbanfund had entered into a conditional purchase agreement with an arm's length party for the acquisition of 10% of an 1,870 unit multi-family residential portfolio located in Quebec City and Montreal, Quebec.
Urbanfund has completed due diligence to its satisfaction and has secured regulatory requirements (including approval of the TSX Venture Exchange). Urbanfund continues to work with the current lenders in order to secure their approval of the transaction and this is expected by March 31st, 2013.
As such, completion of the transaction is expected to occur by the 3rd week of April 2013. Satisfaction of the purchase price, which remains unchanged from prior disclosure, will be through a combination of cash on-hand and a vendor take-back mortgage at competitive rates.
Urbanfund Corp. is a Toronto-based real estate development and operating company. Urbanfund Corp. is a TSX Venture exchange listed real estate company based in Toronto. 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 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.
This press release contains certain forward-looking statements, which reflect Management's expectations regarding the Company's completion of the proposed acquisition, the anticipated closing date thereof and securing approval of the portfolio's lender 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
President & CEO