TORONTO, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSX-V:UFC) (“Urbanfund” or the “Company”), confirmed today that the Company has received its first distribution of $1,850,000 relating to a return of capital of $971,000 and income of $879,000 relating to 11-13 Edvac Drive, in Brampton, Ontario (the “Project”).
In December 2016, Urbanfund formed a joint venture with Takol Real Estate Inc. (“Takol”), an arm’s length real estate investment firm. Urbanfund invested $1,625,000 for a 50% interest in the joint venture, which acquired the Project, which was then renovated and sold to individual purchasers.
“Over the next month, the Company anticipates receiving a series of distributions of approximately $1,245,000 relating to completion of the Project.” stated Cohen. The precise timing and quantum of these future distributions will be in the discretion of the Project’s managing joint venture partner. See “Cautionary Note Regarding Forward Looking Statements”.
Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.
The Company’s focus is to identify, evaluate and invest in real estate or real estate related projects. The Company’s assets are located in Toronto, Belleville, Kitchener, London, and Brampton Ontario, in Montreal and Quebec City, Quebec and in Dartmouth, Nova Scotia.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains certain “forward-looking statements”, including statements about Urbanfund’s anticipated timing and quantum of receipt of distributions from the Project and the Company’s future investment objectives. Wherever possible, the words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “instead”, “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. The timing and quantum of the anticipated return on the investment in the Project are subject to a number of risks and uncertainties related to the Project that are not within the Company’s control, which risks and uncertainties are customary for development projects of the scale and magnitude of the Project.
For a 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 dated November 24, 2017.
For further information, please contact:
Chief Executive Officer and President
416-703-1877 ext. 1025
Neither 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 accuracy of this release.