TORONTO, ONTARIO--(Marketwired - June 9, 2015) -
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
A correction from source is being issued with respect to the Urbana release disseminated today at 2:30 PM ET. The Focused Capital Corp. ticker symbol was given as FLO.P rather than FLO.H, and the phrase "to be acquired by" has been updated to "to merge with." The complete and corrected release follows.
Urbana Corporation ("Urbana") (URB.TO)(TSX:URB.A)(URB.TO)(CSE:URB.A) is pleased to announce that Radar Capital Inc. ("Radar"), a private equity firm in which Urbana has 50% interest, has signed a non-binding letter of intent, to merge with Focused Capital Corp. ("Focused") (FLO-H.V), a capital pool company controlled by Dundee Corporation ("Dundee"). (Press Release June 8th, 2015)
"We are pleased with the prospect of working with Dundee on this project, as we have in the past at the Canadian Securities Exchange," says Thomas S. Caldwell, C.M., President & CEO of Urbana. "I believe this partnership will bring the combined organization to the next level as an outstanding private equity financing company. The combination of Radar and Focused, with additional planned funding, will result in a significant new player in Canada's private equity space."
As Radar's original funding partner, Urbana Corporation will continue to support the new organization's activities, as it targets investments in late-stage, private companies that are moving towards a realization event within a one to three year horizon.
On behalf of Urbana's Board of Directors,
Thomas S. Caldwell, C.M.
About Urbana Corporation - Urbana Corporation is a company with current interests across the financial services sector from exchanges to banks to broker dealers and investment managers. The goal of Urbana Corporation is to generate long term asset growth through a combination of public and private investments. The mix of an actively managed, liquid portfolio with private equity investments ensures non-committed assets are productively employed as we seek out and evaluate opportunities in the non-public sphere. Many of the latter investments take time to mature and typically encompass high risk/high return characteristics. Urbana Corporation, as a result of its permanent capital base, has both the scope and flexibility to act quickly as opportunities arise.
About Radar Capital Inc. - Radar Capital is a new Canadian growth capital firm that is focused on making late-stage, minority investments in private companies. Radar was started with the backing and initial investment from Thomas S. Caldwell, C.M. and Urbana Corporation, to invest in a diversified range of companies that provide financial services, consumer and industrial products and services, as well as software and hardware technology solutions.