UC Asset announces annual shareholder meeting to discuss $1 million profit

Rhea-AI Summary

UC Asset LP (OTCQB: UCASU) has scheduled its annual shareholder meeting for March 31, 2023, to discuss a projected gross profit of $1 million for the year, equating to approximately $0.19 per share. Shareholders from 2022 can attend the virtual meeting via Zoom. The company plans to transition from residential to cannabis cultivation properties, rebranding as 'Ultimate Cannabis Asset.' Additionally, management seeks to revise bylaws to reduce fees and enhance net profit. Having achieved $550,000 gross profit in January 2023, UC Asset is also debt-free and has positive cash reserves. Last year, the company distributed a $0.10 per share dividend, with potential for more.

Positive

• Projected gross profit of $1 million for 2023, or about $0.19 per share.
• Achieved $550,000 gross profit in January 2023.
• Company is debt-free and has positive cash reserves.
• Last year's dividend of $0.10 per share indicates operational profitability.

Negative

• None.

ATLANTA, March 3, 2023 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) (OTC: UCASU) management announces that company has scheduled its annual shareholder meeting on March 31, 2023, to discuss its 2023 business plan, with which the company projects a gross profit of approximately $1 million, or, about $0.19 per share.

All shareholders by the year end of 2022 are eligible to attend the meeting. The meeting will be held virtually on the Zoom platform, and all eligible attenders will receive a meeting notice via mail or email.

Among other business matters, management will detail the company's plan to further transition its portfolio from residential properties to cannabis cultivation properties. Accordingly, the company is launching a campaign to rebrand its portfolio as "Ultimate Cannabis Asset".

Management also plans to revise the bylaw of the company with purpose to reduce its management fee and improve net profit. The revision may require a shareholder vote, which may be conducted before or at the annual meeting.

The company announces its annual shareholder meeting after it claims that it has become debt free and carries positive cash reserves, and is on track in its pursuit of $1 million gross profit for the year of 2023. The company has already realized $550,000 gross profit in the very first month of the year.

UC Asset had been operationally profitable in previous years. Last year, the company completed distribution to its shareholders a cash dividend of $0.10 per share, out of a $0.11 per share net income. Management has indicated that the company may distribute more dividend to its shareholders, if it reports higher net income.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies.  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, T: +1 470-475-1035

View original content:https://www.prnewswire.com/news-releases/uc-asset-announces-annual-shareholder-meeting-to-discuss-1-million-profit-301762272.html

SOURCE UC Asset LP

FAQ

What is the date of UC Asset's annual shareholder meeting in 2023?

UC Asset's annual shareholder meeting is scheduled for March 31, 2023.

What is the projected gross profit for UC Asset in 2023?

The projected gross profit for UC Asset in 2023 is approximately $1 million.

How much gross profit did UC Asset achieve in January 2023?

UC Asset achieved a gross profit of $550,000 in January 2023.

What dividend did UC Asset distribute last year?

UC Asset distributed a cash dividend of $0.10 per share last year.

What is UC Asset's new portfolio focus?

UC Asset is transitioning its portfolio to focus on cannabis cultivation properties.