UCASU projects a profitable Q4 2020 despite of late filing
UC Asset LP (OTCQX: UCASU) has filed Form 12b-25 to extend its annual Form 10K filing deadline by 15 days, projecting a profitable fourth quarter for 2020. Founder Larry Wu emphasized the importance of accuracy in their first 10-K filing while aiming for growth and a future listing on a national exchange. Management is exploring new investment opportunities in the post-pandemic real estate market, leveraging technology and adapting investment strategies. The 10K is expected to be filed by April 15, 2021.
- Projected profit for Q4 2020.
- Transitioning to fully reporting company status may enhance growth potential.
- Adapting new investment strategies for post-pandemic opportunities.
- Delayed filing of Form 10K could raise regulatory concerns.
ATLANTA, April 7, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) has filed Form 12b-25, also known as Form NT, to extend its annual filing of Form 10K for 15 calendar days. The Company is projecting a profitable 4th quarter of 2020.
"This is our first 10-K so there is a lot to learn. We would rather to work slower and get things right," explains Larry Wu, founder of UC Asset. In 2018, UC Asset went public through an Initial Public Offering under Reg A and has since been filing its annual reports as Form 1-K and semi-annual reports as Form 1-SA. The Company filed Form 10 in September, 2020, to voluntarily convert itself into a fully reporting company.
"Becoming a fully reporting company will pave the road for us to fulfill our goal of continuous growth and to be listed on a national exchange such as NYSE or NASDAQ," says Wu. "We understand becoming a fully reporting company means we will have to follow higher standard of filing. We will have to file on a quarterly basis, and will be subject to more disclosure requirements."
In addition, management is working to balance the task of filing alongside their daily duty of operating the Company. The prospective of a dynamic post-pandemic real estate market has prompted the management team to work diligently screening new investment opportunities.
"Technology is changing the landscape of real estate investment. And the COVID-19 pandemic, ironically, has expedited some of these changes," says Greg Bankston, managing partner, UC Asset LP. "We have adapted a set of new investment strategies that will empower us to make better returns in the post-pandemic market. Our team has been very busy screening new projects."
The Company expect its 10K will be filed no later than April 15, 2021.
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
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SOURCE UC Asset LP
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