Caldwell Family Trust distributes Urbana Corporation Shares as part of its winding-up

TORONTO, Jan. 04, 2024 (GLOBE NEWSWIRE) -- On December 18, 2023, The 2008 Caldwell Family Trust (the "Family Trust") was wound up and distributed to one of its beneficiaries, Dorothy Caldwell, 491,200 Common Shares of Urbana Corporation (the "Issuer") and 237,800 Class A Shares of the Issuer for which the Family Trust received no consideration. The transaction was effected by a private trust distribution transaction and not on a stock exchange or other market.

The Family Trust distributed the securities it held in the Issuer so that Dorothy Caldwell could hold such securities directly for investment purposes only instead of indirectly as beneficiary of the Family Trust. Mrs. Caldwell may or may not purchase or sell securities of the Issuer in the future on the open market or in private transactions, depending on market conditions and other factors.

As a result of this distribution, as at January 4, 2024, Thomas Caldwell continues to own, directly or indirectly, 4,189,914 Common Shares representing 41.90% of the outstanding Common Shares of the Issuer, control 601,447 Common Shares representing 6.01% of the outstanding Common Shares of the Issuer, own 1,200 Class A Shares representing less than 0.004% of the outstanding Class A Shares of the Issuer, and control 237,800 Class A Shares representing 0.76% of the outstanding Class A Shares of the Issuer.

Immediately prior to the trust distribution, Thomas Caldwell owned, directly or indirectly, 4,189,914 Common Shares representing 41.90% of the outstanding Common Shares of the Issuer, controlled 601,447 Common Shares representing 6.01% of the outstanding Common Shares of the Issuer, owned 1,200 Class A Shares representing less than 0.004% of the outstanding Class A Shares of the Issuer, and controlled 237,800 Class A Shares representing 0.76% of the outstanding Class A Shares of the Issuer.

For further information, contact Thomas S. Caldwell, (416) 595-9106. Mr. Caldwell can also be contacted at the Issuer's head office located at 150 King Street West, Suite 1702, Toronto, Ontario M5H 1J9. Mr. Caldwell is issuing this press release pursuant to the "early warning requirements" in National Instrument 62-103.