UCASU management vows to bring financial reporting current in 30 days
02 July 2021 - 11:31PM
InvestorsHub NewsWire
UCASU management vows to bring financial reporting
current in 30 days
Atlanta,
GA -- July 2, 2021 -- InvestorsHub NewsWire
-- UC
Asset LP(OTCQX:
UCASU) management
states that the
company will
bring its financial filings current in 30 days, following
the
change
of its auditors.
"We
have received requests from concerned parties regarding our status
of financial reports." Says Larry Wu, founder of UC Asset, "The
company filed Form 8-K on June 02 which
announced
the dismissal of our previous auditor and retaining of our current
auditor. We have been worked intensively with our current auditor
since then, and are very
confident that
our reports, including Form 10K for the year of 2020 and Form 10Q
for the first quarter of 2021, will be filed in 30
days."
The
work of the current auditor, according to Mr. Wu, involves auditing
the company's 2020 financials as well as
re-auditing
its 2019 financials. However, management does not expect any major
changes from the re-auditing that will substantially alter the
valuation of the company .
"We
expect that the most prominent change is that our subsidiaries will
be consolidated." Says Mr. Wu, "This will not substantially change
our balance sheet. Neither will it change our net equity per unit,
which, as far as we can see, is the key indicator of the company's
performance as a real estate investor."
"However,
our income statement may look different after consolidation. Our
realized gain will
increase
dramatically, while unrealized gain will
decrease
by the same amount."
About UC Asset
LP
UC
Asset LP is a limited partnership formed for the purpose of
investing in real estate properties with prospects 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
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