UC
Asset
Projects
Profitable 4th
Quarter
After Listing $1.35 Million Property
Atlanta,
GA -- November 30, 2020 -- InvestorsHub NewsWire
-- UC Asset
(OTCQX:
UCASU), a real estate
investment and redevelopment company, projects a profitable
4th
Quarter
of the year 2020, after listing another property for sale at $1.35
million.
"We
had
a
slow start
in
2020
due to the COVID-19 pandemic and took a loss
in both
revenue and book value for the first half of
the year, however,
our team
quickly made
adjustments and
turned
things around. We claimed gross profits on two sales in third
quarter and closed our Dallas
farmland sale at a significant margin of profit at the
begining of fourth quarter," explains
Greg
Bankston, UC Asset's managing partner.
According to the
official records, UC Asset
acquired the Dallas farmland
in 2016 at the
price of
$805,216,
and sold
in 2020 for $1.3
million. After taking in account the other costs of about $50,000,
the gross margin on this sale for UC Asset is approximately
55%.
On Friday, November
27, UC Asset listed an additional
property
for sale, asking for $1.35
million (link to the
listing:
https://matrix.fmlsd.mlsmatrix.com/Matrix/Public/Portal.aspx?ID=DE-154754775999
).
The
firm acquired the
property in 2017
at the price of $355,000 ,
and tore
down and rebuilt it.
"If we close on this
property by year's end it will
further increase
our 4th
quarter
profit," says Greg Bankston,
"If not, we are confident that this property
will sell at a satisfying price
in the first quarter of 2021."
If the
new
sale realized, it will further improve UC Asset's cash position.
Right now, the company has approximately $700,000 of cash in
hand,
and another $700,000 in short term debt instruments.
"We
intentionally hold on to our cash because we realize
the
real estate market is experiencing a
structural change, expediated by the
COVID-19 pandemic,"
states
Larry
Wu, UC Asset's founding partner, "We
believe that, while workers are shifting from conventional office
space to home offices, business travelers will also shift from
conventional hotels to home-office style shared accommodations from
conventional hotels. We see a $60 billion market with this
new trend, so we have coined a new business model to claim our
share on this $60 billion new market. By saving our cash
capital in 2020, we have position ourselves in a favorite situation
to pursue our new business model and achieve great profits in the
coming year."
##
About UC Asset
LP
UC
Asset LP is a limited partnership formed for the purpose of
investing in real estate for development and redevelopment,
concentrating in metropolitan areas of Atlanta, GA and Dallas,
TX. 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 |
Investor Relations Director, UC Asset LP
cjordan@ucasset.com |
678-499-0297