UCASU
Newly
Listed Property Sold at Full Price of $1.35 Million within One
Week
Atlanta,
GA -- December 7, 2020 -- InvestorsHub NewsWire
-- UC Asset
(OTCQX:
UCASU), a real estate
investment company, announced
the
sale of a property
at the
full
price of $1.35
million, one week after the
property was
listed.
"We are pleased
this new listing
received
multiple
offers almost immediately and we were able to finalize
the sale
within one week," says
Greg
Bankston, UC Asset's managing partner. The
firm acquired the property in 2017 at the price of $355,000 and
utilized a construction loan to tear it
down and rebuild. The
total amount of the
outstanding
loan, including principal and accumulated interests, is less than
$450,000.
UC Asset
restates
its projection of a profitable 4th
quarter
of 2020 after this new sale. The buyer has until
December 28 to close the transaction.
"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 in fourth
quarter," Bankston
explains.
According to
the company's
official
records, UC Asset
acquired the Dallas farmland
in 2016 at the
price of
$805,216
and
sold
the
property in
2020 for $1.3
million. After taking in account additional
costs
of approximately
$50,000,
the gross margin on this sale is approximately
55%.
The
new
sale 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.
It has
another $1.20 million invested into a secured convertible note
which will mature within a year. And
the new sale will generate a net proceed of more than $1.25
million.
"We
intentionally hold on to our cash and
cash equivalents because
we realize that
the real estate market is experiencing a
structural change, expedited
by the
COVID-19 pandemic,"
states
Larry
Wu, UC Asset's founding partner, "We see
a $60 billion market with this new trend, and
we
have created
a new
business model to claim our share on this $60 billion new
market. By saving our cash capital in 2020, we
favorably
position
ourselves to pursue this
new
business model and achieve great profits in the coming
years."
##
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