Urban Communications Inc. Announces Completion of Partial Sale of Network Assets to Rogers Communications

Urban Communications Inc. (TSX VENTURE:UBN) is pleased to announce that the
agreement to sell a portion of its network assets to Rogers Communications
Partnership has been completed. The agreement was first announced on March 10,
2011. This transaction represents a significant achievement by management to not
only preserve value for shareholders when the Company has been on the verge of
involuntary liquidation, but to also provide the foundation for growth and
profitability in the future.


Funds raised by the transaction will be used to eliminate secured debt and to
bring trade debt into current account and the balance will be used for working
capital. The Company's strategy for the balance of 2011 is to immediately
upgrade its electronic capability and initiate an aggressive program to acquire
commercial and residential subscribers. Combined with the Company's fibre optic
delivery system that has breadth of coverage throughout metro Vancouver and
Victoria, the Company will provide industry best data transfer speeds and superb
entertainment products to a focussed target market.


Management's objective is to create a predictable and ever increasing rate of
subscriber acquisition and profitability, and when this begins to be reflected
on published financial statements, to increase both our market capitalization
and stock liquidity. The Company will provide the market with regular progress
reports as the sales initiative progresses.


Except for historical information contained herein, the statements in this news
release contain or may contain forward-looking statements, such as statements
regarding Urban Communications Inc.'s future growth and profitability, growth
strategy and anticipated trends in the industries in which Urban Communications
Inc. operates. These forward-looking statements are based on Urban
Communications Inc.'s current expectations and are subject to a number of risks,
uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should the underlying assumptions prove incorrect,
actual results may differ significantly from results expressed or implied in any
forward-looking statements made by Urban Communications Inc. in this news
release. These risks and uncertainties include, among other things, raising
significant investment capital, locating and retaining senior technical and
financial expertise, customer loyalty, demand for services, market competition
and other risks detailed in documents filed with the TSX Venture Exchange or
British Columbia Securities Commission. Urban Communications Inc. does not
undertake any obligation to revise these forward-looking statements to reflect
future events or circumstances.

Urban Communications Inc. (TSXV:UBN)
過去株価チャート
から 5 2024 まで 6 2024