Mr. Mitchell Cohen reports

URBANFUND CORP. ANNOUNCES THE CLOSING OF SALE OF THE "PLACE CONCORDIA" JOINT VENTURE PROPERTY

Urbanfund Corp.'s joint venture with Westdale Construction Co. Ltd. has completed the sale of the property known municipally as 2825 and 2835 Rue de la Concord and 2840 Rue Emile Bouchard in Quebec City, Que.

The property comprises a twin-tower apartment complex containing a total of 192 residential units located south of the Highway 40 and Highway 73 interchange. In 2013, the company entered into a joint venture with Westdale and acquired its 10-per-cent undivided interest from Westdale's former joint venture partner. Ronald S. Kimel, the chairman and a director of Urbanfund, is also a director, officer and shareholder of Westdale (the company's largest shareholder).

Gross proceeds from the sale totalled $11-million (subject to customary purchase price adjustments for transactions of this nature) prior to the repayment of approximately $4.1-million in mortgage liabilities and related obligations. Urbanfund retains a 10-per-cent interest in the proceeds from the sale of the property, which are anticipated to be used to further the company's stated business objectives.

We seek Safe Harbor.