UCASU signed deal to sell farmland at $2.05 million for $700K gross profit

Rhea-AI Summary

UC Asset LP (OTCQX: UCASU) has secured a buyer for a 72-acre farmland in Dallas, Texas, at a sale price of $2.05 million. Initially listed at $2.25 million, the company acquired the property in October 2016 for approximately $800,000, leading to a projected gross profit of about $700,000 from this transaction. The land is free of debt, ensuring that net proceeds will go directly to UC Asset. The company is also pursuing further profitable deals before year-end.

Positive

• Secured sale of 72-acre farmland for $2.05 million, resulting in approximately $700,000 gross profit.
• No debt associated with the property ensures full retention of sales proceeds.

Negative

• None.

Atlanta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announces today that the company has gone under contract with a buyer for one of its properties, a 72-acre farmland in the metropolitan area of Dallas, Texas, at the final price of $2.05 million. The property is listed for $2.25 million one month ago.

UC Asset acquired the land in October 2016 for approximately $800,000. To this moment, the total cost of UC Asset on this property is $1.35 million. This means that US Asset will book approximately $700,000 of gross profit from this sale.

UC Asset carries no mortgage loan or any other debt against the land, so all sales proceeds, after deduction of small amount of fees and taxes, will become net proceeds to UC Asset.

After the sale, UC Asset will retain the 100 million restricted shares of Puration Inc. which was issued by Puration to UC Asset about one year ago, as a remedy for the default by Puration on a previous deal, under which Puration bought the land with seller financing.

The management of UC Asset confirms that the company is working on another deal which may generate more profits before the end of year.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA.  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

FAQ

What was the sale price of the farmland by UC Asset LP?

UC Asset LP sold the farmland for $2.05 million.

How much profit is UC Asset LP expecting from the sale?

UC Asset LP is expecting approximately $700,000 in gross profit from the sale.

When did UC Asset LP acquire the farmland?

UC Asset LP acquired the farmland in October 2016.

Is there any debt associated with the farmland sold by UC Asset LP?

No, UC Asset LP carries no mortgage loan or debt against the land.

What future plans does UC Asset LP have after this sale?

UC Asset LP is currently working on another deal that may generate more profits before the end of the year.