Urban Select Capital Corporation: Interim Financial Statement Clarification

Urban Select Capital Corporation (TSX VENTURE:CH) (the "Company") announces
that, as a result of a continuous disclosure review by the British Columbia
Securities Commission, the Company is issuing the following to clarify the
filing of its interim unaudited consolidated financial statements for the
periods ending September 30, 2011, December 31, 2011 and March 31, 2012. 


The Company has filed on SEDAR its annual consolidated financial statements
prepared in accordance with International Financial Reporting Standards ("IFRS")
for the year ended June 30, 2012 and 2011; however the Company filed its
unaudited interim consolidated financial statements prepared in accordance with
Canadian Generally Accepted Accounting Policies ("CGAAP") for the periods ending
September 30, 2011, December 31, 2011 and March 31, 2012. The Company was under
the impression that it could defer implementation of IFRS on the basis that it
was considered an investment fund as defined by the Securities Act (British
Columbia) for the purposes of preparing the unaudited interim financial
statements. During the preparation of the year end statements the Company
determined it did not meet the definition of an investment fund. As a result the
unaudited interim consolidated financial statements for the periods referenced
above did not comply with National Instrument 52-107 and should have been
reported in accordance with IFRS. However, the Company decided not to restate
the consolidated financial statements referenced above because the differences
between reporting under IFRS and CGAAP were not significant and did not result
in any materially significant additional disclosure.


The Company consolidated financial statements for the period ended September 30,
2012 have been prepared in accordance with IFRS and the comparative figures
restated accordingly. 


About Urban Select Capital Corporation

Urban Select Capital Corporation is an investment issuer focused on investing
growth capital into private and public companies in a broad range of sectors
including renewable energy, natural resources, chemicals, agriculture and
consumer retail services. Urban Select's management team is composed of
investment professionals combining an Asian background with Western education
and extensive experience in investment banking, venture capital and fund
management in Canada, China and the U.S.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Urban Select Capital Corporation
David Yoo
Chief Financial Officer and Corporate Secretary
[phone]