Urbanfund Corp. Announces Appointment of New Chief Financial Officer

TORONTO, ONTARIO, Jul 06 (MARKET WIRE) --
Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp.
(TSX VENTURE: UFC) (the "Company"), announced today that Joseph J. Dack,
the Company's Chief Financial Officer has resigned from the Company
effective July 3.

Effective immediately, Mr. Donato Caprara will assume the role of
Urbanfund's Chief Financial Officer. Mr. Caprara's appointment remains
subject to regulatory approval, including approval of the TSX Venture
Exchange.

"Joe has decided to pursue other opportunities and the Board of Directors
thanks him and wishes him well", states Mitchell Cohen. "Over the past 8
years, Donato has worked closely with Joe so we see this appointment as a
seamless transition".

Urbanfund Corp. is a Toronto-based real estate development and operating
company. The Company's common shares trade under the symbol UFC on the
TSX Venture Exchange. Urbanfund's focus is to identify, evaluate and
invest in real estate and real estate related projects. The Company's
assets are located in Toronto, Belleville and London, Ontario. 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, which
reflect Management's expectations regarding the Company's growth, results
of operations, performance and business prospects and opportunities.

Statements about the Company's future plans and intentions, results,
levels of activity, performance, goals or achievements or other future
events 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.

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.

Contacts:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877x225

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