Atlanta, Jan. 12, 2023 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQB: UCASU) announces today that the company has entered a MOU to acquire a 10,000 square foot cannabis cultivation property in the State of Oklahoma, through a non-cash acquisition and investment deal. Upon closing, UCASU will invest $1 million to build extra 5,000 square feet of cannabis cultivation facility on the same spot.
The current operator on the property, Fire Ranch Farm, will continue to rent the property from UC Asset. UC Asset expects to receive monthly rents representing a 14.4% cash on cash annual return.
The lease is locked for 3 years, and monthly rent will increase by 5% every 24 months after the first 3 years.
The non-cash acquisition will be done through the issuance of 2.5 million preferred shares of UC Asset to the current property owner. Those preferred shares will have a fixed conversion rate of 1 to 1, which means that one preferred share may be converted into one common share, and one common share only, when conversion will be allowed in the future.
Holder of the preferred shares will receive no dividends from UC Asset, unless those preferred shares are converted into common shares. Meanwhile, common share holders will continue to receive cash dividends, shall UC Asset decided to distribute any.
"We are very grateful to be able to work with a cannabis property owner, who firmly believes in the future of our company and is willing to trade near-term cash revenue for long-term equity return," says Greg Bankston, managing general partner of UC Asset. "That's why he agrees to contribute his property to us for equity ownership, seeking neither cash payment nor cash dividend."
"In return, our company has committed to invest $1 million in the first 12 months, and will commit much more than that amount, to continuously expand the acquired cannabis property, and to acquire and build more cannabis properties. Our goal is to become one of the largest cannabis property owners in the State of Oklahoma," declares Bankston.
This 10,000 square foot cannabis property, according to Bankston, is built to the state-of-art standard, with computerized and automatized environment control, and has the capacity to host full cycle cannabis production from creating clones/genetics to extracting cannabinoids.
"This will be our first cannabis property, and it is our one and only selection after screening numerous opportunities in the past 15 months," says Larry Wu, founder of UC Asset. "Since we announced our intention to invest in cannabis property in October 2021, our team have made hundreds of phone calls to potential sellers, screened tens of opportunities, and conducted research in 5 different states, including Colorado, California and New York. That is why we are so optimistic of our final choice."
"We believe that Oklahoma is the future for cannabis cultivation, and our investment in the Sooner State will lead us to great success, sooner than later," asserts Wu.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies. For more information about UC Asset, please visit:
Disclaimer:
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.
For More Information Contact: IR@UCasset.com
Atlanta, Jan. 12, 2023 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQB: UCASU) announces today that the company has entered a MOU to acquire a 10,000 square foot cannabis cultivation property in the State of Oklahoma, through a non-cash acquisition and investment deal. Upon closing, UCASU will invest $1 million to build extra 5,000 square feet of cannabis cultivation facility on the same spot.
亚特兰大，2023年1月12日（GLOBE NEWSWIRE）——加州大学资产有限责任公司（OTCQB：UCASU）今天宣布，该公司已签署谅解备忘录，通过非现金收购和投资协议收购俄克拉荷马州一处占地10,000平方英尺的大麻种植地产。关闭后，UCASU将投资100万美元，在同一地点额外建造5,000平方英尺的大麻种植设施。
The current operator on the property, Fire Ranch Farm, will continue to rent the property from UC Asset. UC Asset expects to receive monthly rents representing a 14.4% cash on cash annual return.
该物业的当前运营商Fire Ranch Farm将继续从UC Asset租用该物业。UC Asset预计将获得月租金，相当于现金年回报率为14.4％。
The lease is locked for 3 years, and monthly rent will increase by 5% every 24 months after the first 3 years.
租约的锁定期为3年，在最初的3年之后，月租金将每24个月增加5％。
The non-cash acquisition will be done through the issuance of 2.5 million preferred shares of UC Asset to the current property owner. Those preferred shares will have a fixed conversion rate of 1 to 1, which means that one preferred share may be converted into one common share, and one common share only, when conversion will be allowed in the future.
非现金收购将通过向当前财产所有者发行250万股UC Asset优先股来完成。这些优先股的固定转换率为1比1，这意味着将来允许转换时，一股优先股可以转换为一股普通股，只能转换为一股普通股。
Holder of the preferred shares will receive no dividends from UC Asset, unless those preferred shares are converted into common shares. Meanwhile, common share holders will continue to receive cash dividends, shall UC Asset decided to distribute any.
除非优先股转换为普通股，否则优先股的持有人不会从UC Asset获得任何股息。同时，如果UC Asset决定分配任何现金分红，普通股持有人将继续获得现金分红。
"We are very grateful to be able to work with a cannabis property owner, who firmly believes in the future of our company and is willing to trade near-term cash revenue for long-term equity return," says Greg Bankston, managing general partner of UC Asset. "That's why he agrees to contribute his property to us for equity ownership, seeking neither cash payment nor cash dividend."
加州大学资产管理普通合伙人格雷格·班克斯顿说：“我们非常感谢能够与大麻财产所有者合作，他坚信我们公司的未来，并愿意用短期现金收入换取长期股权回报。”“这就是为什么他同意将自己的财产捐赠给我们以获得股权，既不寻求现金支付，也不寻求现金分红。”
"In return, our company has committed to invest $1 million in the first 12 months, and will commit much more than that amount, to continuously expand the acquired cannabis property, and to acquire and build more cannabis properties. Our goal is to become one of the largest cannabis property owners in the State of Oklahoma," declares Bankston.
“作为回报，我们公司已承诺在最初的12个月内投资100万美元，并将承诺远远超过该数额，以不断扩大收购的大麻财产，并收购和建造更多的大麻财产。我们的目标是成为俄克拉荷马州最大的大麻财产所有者之一，” 班克斯顿宣称。
This 10,000 square foot cannabis property, according to Bankston, is built to the state-of-art standard, with computerized and automatized environment control, and has the capacity to host full cycle cannabis production from creating clones/genetics to extracting cannabinoids.
根据班克斯顿的说法，这座占地10,000平方英尺的大麻财产是按照最先进的标准建造的，具有计算机化和自动化的环境控制，能够承载从创造克隆/遗传学到提取大麻素的全周期大麻生产。
"This will be our first cannabis property, and it is our one and only selection after screening numerous opportunities in the past 15 months," says Larry Wu, founder of UC Asset. "Since we announced our intention to invest in cannabis property in October 2021, our team have made hundreds of phone calls to potential sellers, screened tens of opportunities, and conducted research in 5 different states, including Colorado, California and New York. That is why we are so optimistic of our final choice."
UC Asset创始人拉里·吴说：“这将是我们的第一处大麻房产，也是我们在过去15个月中筛选了许多机会后唯一的选择。”“自从我们在2021年10月宣布打算投资大麻房地产以来，我们的团队已经给潜在卖家打了数百个电话，筛选了数十个机会，并在包括科罗拉多州、加利福尼亚州和纽约州在内的5个不同的州进行了研究。这就是为什么我们对最终选择如此乐观的原因。”
"We believe that Oklahoma is the future for cannabis cultivation, and our investment in the Sooner State will lead us to great success, sooner than later," asserts Wu.
吴断言：“我们相信俄克拉荷马州是大麻种植的未来，我们对Sooner State的投资将使我们尽早取得巨大成功。”
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies. For more information about UC Asset, please visit:
UC Asset LP是一家有限合伙企业，旨在通过创新策略投资房地产。有关 UC Asset 的更多信息，请访问：
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.
本新闻稿包含1995年《私人证券诉讼改革法》所指的前瞻性陈述。这些前瞻性陈述涉及已知和未知的风险、不确定性和其他重要因素，这些因素可能导致我们的实际业绩、业绩或成就或行业业绩与任何这些陈述存在重大差异。提醒您不要过分依赖任何前瞻性陈述。除非联邦证券法另有要求，否则在本新闻稿发布之日之后，我们没有义务公开更新或修改任何前瞻性陈述。任何此类前瞻性陈述均不应被视为我们或任何其他人对本新闻稿中规定的目标和计划将实现或执行的陈述。
For More Information Contact: IR@UCasset.com
欲了解更多信息，请联系：IR@UCasset.com
