Horizon Asset Management, Inc. Passive Investor in Non-Voting Shares of
Urbana Corporation

TORONTO, Nov. 11 /CNW/ - Horizon Asset Management, Inc. ("Horizon"), in its capacity as a U.S. registered investment adviser managing accounts primarily for U.S. based clients and solely as a passive investor, has acquired, on behalf of its underlying client accounts 11,630,138 non-voting Class A shares (the "non-voting Class A Shares") of Urbana Corporation, a Toronto, Ontario based investment fund corporation, representing approximately 15% of the presently issued and outstanding non-voting Class A Shares. Horizon has control or direction over such shares.

The non-voting Class A Shares were acquired on behalf of various private investment funds, as well as institutional and high net worth separately managed client accounts (collectively, the "Horizon Accounts") for which Horizon provides portfolio management services in multiple trades through the facilities of the Toronto Stock Exchange at prices ranging from US$0.94 to US$5.38 and an average price of US$2.17. The securities were acquired solely for passive investment purposes. Horizon is not an activist investment manager. Horizon Accounts may acquire further non-voting Class A Shares or dispose of their holdings of non-voting Class A Shares, as warranted by investment conditions. The non-voting Class A Shares of Urbana Corporation are listed on the Toronto Stock Exchange under the symbol "URB.A".

Horizon is a U.S. registered investment adviser as well as independent provider of proprietary research to the institutional investment community. Its main office is located at 470 Park Avenue South, Fourth Floor South, New York, NY, 10016, USA.


For further information: For further information: Andrew M. Fishman at (646) 495-7347

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