Atlanta, May 17, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announces that it will start to deliver $0.10/share dividend for its shareholders who held UCASU common shares by December 31, 2021.
“Our shareholders can expect receiving checks in the coming weeks, since our 2021 financial statements have completed being audited, and we have filed our annual report on Form 1-K by the end of last week,” declares Greg Bankston, managing partner of UC Asset.
For the year of 2021, UC Asset reports a $0.12 per share net income. This net income, combined with a $0.03 per shear net equity increase resulting from buyback of shares, will likely lead to a $0.15 per share net equity increase.
The $0.12 per share net income represents a 330% net profit growth over the previous year. The company also reports a 73% operating profit growth for the year of 2021 over the previous year. Its 2021 operating profit is $1.41 million.
The increase in operating profit is primarily the result of a heated US residential property market. Earlier in 2021management released a white paper, in which management stated its belief that the US residential property market was reaching a historical height, and UC Asset would sell most of its holdings of residential properties.
“At this point, it appears the market trend is verifying our projection, and we are very pleased that we have exited most of our investments in residential properties,” says Greg Bankston, managing partner of UC Asset.
Starting in 2021, UC Asset switched its portfolio allocation strategy and purchased non-residential properties, including Airbnb properties and historic landmarks. In the beginning of the fourth quarter, UC Asset announced that cannabis properties would become its primary growing point of portfolio allocation in the next 12 to 24 months. The Company plans to invest $10 million to $50 million in high-yielding cannabis properties, aiming at acquiring properties which will yield 18%-20% annual return.
“At a time when many financial analysts are predicting an impending recession, we are pleased that our company have built a portfolio that is recession proof in many ways,” claims Larry Wu, founder of UC Asset. “We are positioned to achieve considerable profit growth in the upcoming years.”
The company also confirms its commitment to seek an up-list to NYSE American or NASDAQ Small Cap, combined with a secondary public offering of approximately $10-30 million, and is engaging investment bankers to meet these business goals.
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:
Christal Jordan | Executive Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297
