/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
TORONTO, April 15, 2021 (GLOBE NEWSWIRE) -- Urbana Corporation (TSX & CSE: URB & URB.A)
Urbana Corporation (“Urbana”) announces a new investment in U.S. based Blue Ocean Technologies, LLC (“BOT”), a private company which facilitates the trading of U.S. listed equities in the overnight hours of 8pm ET to 4am ET.
This investment is taking place in two stages:
1) The first involves a direct payment to BOT of $1.5 million USD.
2) The second stage takes place when certain conditions are met regarding regulatory approvals, staffing and technology transfers. This will result in a second direct payment to BOT of $3 million USD.
Concurrent with this latter purchase, Urbana will also purchase $4 million USD of BOT shares from an existing shareholder.
The net result of these steps, coupled with key employee dilution, is Urbana will own approximately 37% of BOT at a price of $8.5 million USD or approximately $10.6 million CDN.
These purchases are being made through Urbana International Inc, a Delaware incorporated, wholly owned subsidiary of Urbana Corporation.
Ralph Layman, CEO of Blue Ocean Technologies, LLC, noted: “Urbana’s management are thought leaders in our industry, with investments in exchanges and trading platforms around the world. As a part of our partnership, we will also enter into a strategic alliance with the Canadian Securities Exchange. We look to collaborate through best practice sharing on technology and growing our Asia-Pacific customer bases.”
Richard Carleton, CEO of the Canadian Securities Exchange, said, “The CSE looks forward to working with our colleagues at BOT as they provide regulated and accessible trading services in US stocks to investors around the world during the evening and overnight hours in North America. We share a common technology platform with BOT and will collaborate on ways to improve investor access to their marketplace.”
Urbana’s Chairman, Thomas S. Caldwell, C.M., states, “Urbana views this as a great opportunity to participate in Asia/America securities trading.”
On behalf of Urbana’s Board of Directors
Thomas S. Caldwell, C.M.
For further information contact:
Elizabeth Naumovski
Investor Relations
enaumovski@urbanacorp.com
(416) 595-9106
Certain statements in this news 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.