Atlanta, Oct. 07, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announced today that the company has listed for sale a piece of property, a 72-acre land in the metropolitan area of Dallas, Texas. The property is listed for $2.25 million.
UC Asset acquired the land in October 2016 for approximately $800,000. In October 2020, UC Asset sold the land to Dallas local company Puration Inc. and entered into a partnership with Puration to co-develop the land into a medical plant cultivation project.
Over the past years, Puration had paid UC Asset $350,000 in cash and 100 million restricted shares which had a market value of $860,000 at the time of issuance (currently has a market value of $350,000). Yet Puration still owed UC Asset approximately $1.10 million dollars.
Last month, UC Asset purchased back the property at $1.35 million, out of which $1.10 million was offset by the debt Puration owing to UC Asset. UC Asset will keep the 100 million restricted shares.
“The total revenue we expected to receive from the partnership with Puration was more than $2.25 million,” explained Larry Wu, founder of UC Asset. “Had the partnership with Puration progressed as planned, we would have received the full payment from Puration, and the restricted shares might be worth more because Puration would become a more successful business. It could have been a very lucrative joint venture for both of us.”
“Unfortunately, due to factors that were not directly related to our partnership and were beyond our control, such as the new capital market situation that had made it much harder to raise capital, we had to take a step back,” said Wu. “We are happy that we reached an agreement with Puration to purchase the land back.”
Despite that UC Asset has given up the potentially more lucrative partnership with Puration, it may still make remarkable profit from this 72-acre land. Using a total cost of approximately $900,000, the listed price of $2.25 million represents 250% value increase, which equals to 25% annual return.
UC Asset carries no mortgage loan or any other debt against the land, which means all sales proceeds, after deduction of small amount of fees and taxes, will become net proceeds to UC Asset.
According to UC Asset’s realtor agent, it has already received inquiries from several potential buyers in the first few days of listing.
A link to the listing can be found as below:
https://www.realtor.com/realestateandhomes-detail/1584-County-Road-613_Farmersville_TX_75442_M97199-56738
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
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
Attachments
- UCASU confirms the listing of Dallas land for $2.25 million
- UCASU confirms the listing of Dallas land for $2.25 million
