Atlanta, January 18, 2023 — 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: www.ucasset.com