TORONTO, ONTARIO -- (MARKET WIRE) -- 03/29/07 -- Further to the press release dated February 21, 2007 announcing the proposed transaction, Mitchell Cohen, President of Urbanfund Corp. ("Urbanfund" or "the Corporation") (TSX VENTURE: UFC), announced today that the agreement entered into by Westdale Construction Co. Limited and an arm's length third party (the "Purchaser") to purchase the property known municipally as 790-800 Richmond Street West (the "Property") has been terminated due to the Purchaser's decision not to waive certain conditions. Urbanfund holds a 10% undivided interest in the Property.

Urbanfund Corp. is a TSX Venture exchange listed real estate company based in Toronto. The Corporation's common shares trade under the symbol UFC.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intend", "may", "will", "should", "could", "anticipate", "believe", "plan", "estimate", "potential", "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include such risks and factors as are detailed from time to time in the Corporation's continuous disclosure documents filed with the Ontario Securities Commission and other regulatory authorities at www.sedar.com. Actual results may differ materially from those currently anticipated. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contacts:
Urbanfund Corp.
Mitchell Cohen
President
(416) 361-5000

Urbanfund Corp.
Steve Isenberg
Director
(416) 603-4343