Atlanta, Jan. 18, 2023 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQB: UCASU) announces today that the company has closed transaction to sell one of its properties, a 72-acre farmland in the metropolitan area of Dallas, Texas, at the final price of $1.91 million. The sale is a cash deal.
UC Asset acquired the land in October 2016 for approximately $800,000. It sold the property to a local company at $1.30 million in 2020, only to buy it back one year later, in the spring of 2022, at $1.35 million. US Asset will book approximately $550,000 of gross profit from this sale.
UC Asset carries no mortgage loan or any other debt against the land. Therefore, all sales proceeds will become net proceeds to UC Asset, after deduction of small amount of fees and taxes.
"Early this month, we have declared that our company aimed to achieve about $1 million gross profit for the year of 2023. By closing this deal, we have been halfway through to reach that goal, in the very first month of the year," asserts Greg Bankston, managing partner of UC Asset. "With a pipeline of deals in our hands, we are optimistic about our performance in 2023."
The company currently has about 5.3 million shares outstanding. It is expected to acquire a $3 million cannabis property, and will issue 2.5 million preferred shares for that acquisition. However, those preferred shares will receive no dividends. If the company reaches its goal of $1 million gross profit, it will all be allocated to its common shareholders. In that scenario, gross profit allocated to common shareholders will be close to $0.20 per share.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA. 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. 18, 2023 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQB: UCASU) announces today that the company has closed transaction to sell one of its properties, a 72-acre farmland in the metropolitan area of Dallas, Texas, at the final price of $1.91 million. The sale is a cash deal.
亚特兰大，2023年1月18日（GLOBE NEWSWIRE）——加州大学资产有限责任公司（OTCQB：UCASU）今天宣布，该公司已完成以191万美元的最终价格出售其一处房产的交易，即位于德克萨斯州达拉斯都会区的一块占地72英亩的农田。此次出售是一笔现金交易。
UC Asset acquired the land in October 2016 for approximately $800,000. It sold the property to a local company at $1.30 million in 2020, only to buy it back one year later, in the spring of 2022, at $1.35 million. US Asset will book approximately $550,000 of gross profit from this sale.
加州大学资产于2016年10月以约80万美元的价格收购了这块土地。它在2020年以135万美元的价格将该物业出售给了一家当地公司，直到一年后，即2022年春季才以135万美元的价格将其回购。美国资产将从此次出售中获得约55万美元的毛利。
UC Asset carries no mortgage loan or any other debt against the land. Therefore, all sales proceeds will become net proceeds to UC Asset, after deduction of small amount of fees and taxes.
UC Asset对土地没有抵押贷款或任何其他债务。因此，在扣除少量费用和税款后，所有销售收益将成为UC Asset的净收益。
"Early this month, we have declared that our company aimed to achieve about $1 million gross profit for the year of 2023. By closing this deal, we have been halfway through to reach that goal, in the very first month of the year," asserts Greg Bankston, managing partner of UC Asset. "With a pipeline of deals in our hands, we are optimistic about our performance in 2023."
“本月初，我们宣布我们公司的目标是在2023年实现约100万美元的毛利。UC Asset的管理合伙人格雷格·班克斯顿断言，通过完成这笔交易，我们在今年的第一个月就已经实现了这一目标。“我们手中有一系列交易，我们对2023年的表现持乐观态度。”
The company currently has about 5.3 million shares outstanding. It is expected to acquire a $3 million cannabis property, and will issue 2.5 million preferred shares for that acquisition. However, those preferred shares will receive no dividends. If the company reaches its goal of $1 million gross profit, it will all be allocated to its common shareholders. In that scenario, gross profit allocated to common shareholders will be close to $0.20 per share.
该公司目前拥有约530万股已发行股票。预计它将收购300万美元的大麻财产，并将为此次收购发行250万股优先股。但是，这些优先股不会获得任何股息。如果公司达到100万美元毛利的目标，则将全部分配给普通股股东。在这种情况下，分配给普通股股东的毛利将接近每股0.20美元。
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA. 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，集中在乔治亚州亚特兰大的都市区。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
