Atlanta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announces today that the company has gone under contract with a buyer for one of its properties, a 72-acre farmland in the metropolitan area of Dallas, Texas, at the final price of $2.05 million. The property is listed for $2.25 million one month ago.
UC Asset acquired the land in October 2016 for approximately $800,000. To this moment, the total cost of UC Asset on this property is $1.35 million. This means that US Asset will book approximately $700,000 of gross profit from this sale.
UC Asset carries no mortgage loan or any other debt against the land, so all sales proceeds, after deduction of small amount of fees and taxes, will become net proceeds to UC Asset.
After the sale, UC Asset will retain the 100 million restricted shares of Puration Inc. which was issued by Puration to UC Asset about one year ago, as a remedy for the default by Puration on a previous deal, under which Puration bought the land with seller financing.
The management of UC Asset confirms that the company is working on another deal which may generate more profits before the end of year.
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
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