NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
TORONTO, June 16, 2017 (GLOBE NEWSWIRE) -- Mitchell Cohen, President & CEO of Urbanfund Corp. (TSX-V:UFC) (the “Company”) announced today that the board of directors approved an increase in the annual dividend rate to $0.01 per common share and $0.01 per Series A, first preferred share, representing a $0.005 or 100 percent increase from the previous year.
The dividend is payable quarterly in the amount of $0.0025 per share. The record date for dividends is anticipated to be set as the last business day of March, June, September and December in each year and the payment date in each case is anticipated to be approximately two weeks from the applicable record date.
“The board’s decision to increase the dividend 100 percent reflects our confidence in the Company’s future” commented Mr. Cohen. “We have taken a prudent approach to paying dividends and the current increase is supported by the Company’s strong financial position and improved visibility into its continued success”. “Our properties are well positioned and performing as expected” said Mr. Cohen. “We are pleased that our accomplishments have allowed us to increase returns to our shareholders”.
ABOUT URBANFUND
Urbanfund Corp. (TSX-V:UFC) is a Toronto-based real estate development and operating company. 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, Brampton, Kitchener, London and Toronto, Ontario, Quebec City and Montreal, Quebec. The Company’s strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements, including statements about the Company's dividend policy and proposed dividend payments, which 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 dated May 30, 2017.
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.