ATLANTA, March 02, 2022 — McapMediawire — UC Asset LP (OTCQX: UCASU) management team announces that the company’s unaudited financial report shows a $0.13 per share net gain for the year of 2021. This falls into the mid-range of the management’s earlier projection of $0.10-0.15 per share net profit.
“Our net equity grew to $1.72 per share pre-dilution by end of the year 2021, from $1.58 per share by end of the year 2020, representing a $0.14 per share net gain over 12 months,” claims Greg Bankston, UC Asset’s managing general partner. “After fully diluted, however, net equity per share grew from $1.54 to $1.67, representing a $0.13 per share net gain.”
Bankston points out that, out of the $0.13 per share net gain, $0.10 is the result of operation. The other $0.03 comes from some stock repurchase transactions, through which the company bought back about 150,000 shares from three shareholders, at the price of $0.60 per share. This repurchase price is significantly lower than the company’s book value per share, and therefore such transactions have increased the net equity per share for all other shareholders.
Bankston also reconfirms that the company will distribute $0.10 per share cash dividend for the year 2021. Any shareholders who held UC Asset common shares by the end of the year will be eligible to receive the dividend.
“We are distributing all net gain from operation to our shareholders,” explains Bankston. “The other $0.03 per share increase of net equity per share, which is the result of stock repurchase transactions, is not part of operational profit and will not be distributed as dividend. However, it increases our shareholders equity value, and will generate more profits for our shareholders in the future.”
Bankston cautions that the company’s financials are not audited yet, and the final audited results may vary substantially from the current numbers.
If confirmed by auditor, this $0.13 per share net gain in 2021 would be a great improvement from UC Asset’s performance in 2020, when the company barely made any profit due to the impact of COVID-19 pandemic. The company had constantly posted profits in the pre-pandemic years since its inception in 2016.
“We made timely adjustments of our investment strategy and produced positive results for 2021,” declares Larry Wu, founder of UC Asset. “We have announced more innovative and adaptive investment strategies in the last quarter of 2021, and we are committed to implement those strategies in 2022. We believe our performance in 2022 will be even better.”
Wu refers to, among other innovative strategies, the company’s plan to expand its portfolio to include more cannabis properties, by implementing a business model similar to other established public companies, such as Power REIT. In February 2020, Power REIT announced expanding its portfolio in greenhouses for both food and cannabis cultivation. In less than 2 years since this announcement, its revenue has doubled, and its stock price has soared from $8.45 (February 03, 2020) to $73.01 (January 18, 2021), an increase of more than 860%.
With a goal to replicate Power REIT’s success, UC Asset has developed a pipeline for cannabis property deals, in several states including Oklahoma and Florida, as well as opportunities in its home state Georgia. Additionally, the company entered into an umbrella LOI deal to invest into cannabis properties operated by OTC company PURA Inc (OTC Pink: PURA). Altogether, UC Asset plans to invest $5 – 10 million into cannabis properties in this year.
Earlier this year, UC Asset announced that it would seek to up-list to NYSE American or NASDAQ Small Cap, combined with a secondary public offering of approximately $10-30 million.
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:
Christal Jordan | Executive Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297
