VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2015) - Urban Select Capital Corporation (TSX VENTURE:CH) (the "Company" or "Urban Select") is pleased to announce that it has entered into an agreement to invest into Cicino Corporation ("Cicino") for a 25% equity position in the entity in conjunction with a new capital raise led by an unaffiliated third party.
Cicino Boutique aims to be Vancouver's leading multi brand luxury fashion boutique servicing the demanding high fashion needs of the Vancouver area's growing population of high net and ultra high net worth international clients. Cicino Boutique is expected to launch in the late Summer of 2015 and will compose of two distinct entities, Cicino Boutique and Cicino Showroom providing a high level of advisory, fashion and consumer services to its clientele.
Urban Select's board of directors decided to move forward with this investment after extensive market research and development activities in the luxury and high fashion business. Recently the Canadian government has actively lobbied to attract more foreign immigration into Canada in 2015 and coupled with the fact that lower commodities prices are expected to inject additional spending power into the economy in the coming year, Urban Select's board of directors strongly believed that this would have a positive impact on the consumer discretionary sector in the Vancouver area.
Urban Select will continue to provide merger and advisory services with a focus on investment growth capital in public and private companies in the media and entertainment and consumer retail services sectors.
In addition, Urban Select announced that Jas Hayre, a member of the board of directors since the inception of the company has tendered his resignation from the board of directors effective December 31, 2014, however will remain involved with the company as an advisor. Mr. Hayre resigned to pursue another professional opportunity and had no disagreements with the Company. Urban Select would like to thank Mr. Hayre for his service to the Company.
Urban Select also announced that Paul Zhang has been nominated to join the board of directors at the Company's upcoming annual general meeting on April 7, 2015. Mr. Zhang joins Urban Select with over twenty years of experience in accounting and financial control in Canada, Hong Kong and China and has had previous board and chief financial officer experience with prominent companies such as Canada Renewable Bioenergy Corporation, Minco, Mountain China Resorts, and Migao Corporation. Mr. Zhang previously served as a managing partner at Zhang & Du LLP and earlier in his accounting career worked for Retirement Residence REIT, Campbell Lawless and Manning Elliott. Mr. Zhang is a graduate of Simon Fraser University.
ABOUT URBAN SELECT
Urban Select Capital Corporation is an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors including natural resources, healthcare, and agriculture and consumer retail services. Urban Select's management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.
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 accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.