UCasset
2年前
Please refer to this stock buyback announcement which is just out today:
UCASU launches a 12-month stock buyback program
PR Newswire
ATLANTA, Jan. 11, 2024
ATLANTA, Jan. 11, 2024 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) announces today that the company has filed with SEC to formally launch its stock buyback program.
In a Form 1-U filed by the company, it states as follows:
"On January 10, 2024, the general partner of our company authorized and approved a share repurchase program of our current outstanding common units, over a period of 12 months, through open market purchases, for an unspecific total amount no more than the net income of the company during the fiscal year of 2023, at unspecific prices no more than the lowest ask price at the time of execution of a purchase."
"Since our incorporation in the year 2016, we have built a solid business model, and have been reporting profits in most of the years. We have also made two dividend distributions, of which the recent one was executed in the year 2023, at $0.10 per share," says Larry Wu, founder of UC Asset. "However, the trading activity of our common shares, as far as we observe and understand it, has not always shown consistent correlation to our profitability."
"For the common interest of our shareholders, the management have decided that we should use part of our net cash inflow to buy back our stocks," declares Wu.
UCasset
3年前
It is the official registration address of the company. The building is a functioning building with normal utility and mail services, despite that its outside looks wasted, as it is a building under renovation.
This is a historic building registered with the Federal government. It has its own Wiki page. How many buildings have their own Wiki page?
You are right about the year. The building was acquired by the company in 2021. My bad. I should have doublechecked.
The company used to lease another office space in Atlanta, but terminated the lease in 2022, as it was shifting its operations to Oklahoma. This has been disclosed in the company's filings (Most recent Form 1-K, page 9).
The company's Oklahoma operation is conducted through its local subsidiary AZO Properties LLC. Office address of AZO Properties is 7408 APPLE VALLEY ROAD, EDMOND, OK 73034. This is publicly available information. For your convenience, i am providing the link to its registration page:
https://www.sos.ok.gov/corp/corpInformation.aspx?id=3513333113
You are welcome to ask me if you have any further questions.
Op2mst
3年前
$UCASU Cannabis Focus Received Well By Analyst
BUY w/$4.00 Trgt PPS
"The company is rebranding itself as The Ultimate Cultivation Asset, following its expansion into the cannabis property market. Since cannabis is not federally legalized, SEC reporting companies are not allowed to directly invest in the cannabis business, but they can invest in cannabis properties, and this is where UCASU has a proven track record and expertise. The company also changed its accounting method in mid-2022 and has no plans to restate results due to the expense, nevertheless, we expect it to be profitable in 2023. "
https://www.hillsresearch.com/wp-content/uploads/2023/04/UCASU-Initiation-C.pdf
UCasset
3年前
UCASU to Acquire 10,000 Sqft Cannabis Property and Build 5,000 Sqft More
https://www.globenewswire.com/news-release/2023/01/12/2588060/0/en/UCASU-to-Acquire-10-000-Sqft-Cannabis-Property-and-Build-5-000-Sqft-More.html
(Atlanta, 01/12/2023) UC Asset LP (OTCQB: UCASU) announces today that the company has entered a MOU with a third party, to acquire a 10,000 square foot cannabis cultivation property in the State of Oklahoma, through a non-cash acquisition deal. Upon closing of the acquisition, UCASU will invest $1 million to build extra 5,000 square feet of cannabis cultivation facility on the same spot.
After acquisition, the current operator on the property, Fire Ranch Farm, will continue to rent the property from UC Asset. UC Asset expects to monthly rents representing a 14.4% cash on cash annual return.
The lease is locked for 3 years, and monthly rent will increase by 5% every 24 months after the first 3 years.
The non-cash acquisition will be closed through the issuance of 2.5 million preferred shares of UC Asset to the current property owner. Those preferred shares will have a fixed conversion rate of 1:1, which means that one preferred share may be converted into one common share, and one common share only, when conversion will be allowed in the future.
Holder of the preferred shares will receive no dividends from UC Asset, unless those preferred shares are converted into common shares. Meanwhile, common share holders will continue to receive cash dividends from the company, shall the company decide to distribute any.
“We are very grateful to be able to work with a cannabis property owner, who firmly believes in the future of our company and is willing to trade near-term cash revenue for long-term equity return,” says Greg Bankston, managing general partner of UC Asset. “That’s why he agrees to contribute his property to us for equity ownership, seeking neither cash payment nor cash dividend.”
“In return, our company has committed to invest $1 million in the first 12 months, and will commit much more than that amount, to continuously expand the acquired cannabis property, and to acquire and build more cannabis properties. Our goal is to become one of the largest cannabis property owners in the State of Oklahoma,” declares Bankston.
The 10,000 square foot cannabis property, according to Bankston, is built to the state-of-art standard, with computerized and automatized environment control, and has the capacity to host full cycle cannabis production from creating clones/genetics to extracting cannabinoids.
“This will be our first cannabis property, and it is our one and only selection after screening numerous opportunities in the past 15 months,” says Larry Wu, founder of UC Asset. “Since we announced our intention to invest in cannabis property in October 2021, our team have made hundreds of phone calls to potential sellers, screened tens of opportunities, and conducted research in 5 different states, including Colorado, California and New York. That is why we are so confident in our final choice. We believe Oklahoma is the future for cannabis cultivation, and our investment in the Sooner State will lead us to great success, sooner than later,” asserts Wu.
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
UCasset
4年前
UCASU drops public offering plan and focuses on profit growth after $0.12 per share net income
Press Release | 07/29/2022
Atlanta, July 29, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announces today that the company will adjust its business strategy for the next 12 months, focusing on cash income and profit growth, instead of capital formation.
UC Asset announced that it was seeking for an up-list to NYSE American or NASDAQ Small Cap, combined with a secondary public offering of approximately $10-30 million. The company confirms today that it is no longer the primary business goal for the next 12 months.
“After engaging with a number of investment bankers who are probably the best expertise in the small-cap market, we have concluded that, under the current macro economy and capital market situation, it is NOT in our best interest to raise a large amount of capital in the next few months,” says Larry Wu, founder of UC Asset. “Instead, we will focus our efforts on creating a recession-proof portfolio, maintaining a strong cash position, generating more cash income and growing our profit margins.”
Further, the company is considering a down-listing from its current quoted market OTCQX, which the OTC Group promotes as the “best market” of OTC markets.
“From the incorporation of our company, our goal has always been to build a billion-dollar business and list us on a major exchange such as NYSE or NASDAQ, and we always perceive OTCQX as a transit stop to our final destination,” says Wu. “If we are not moving up to a major exchange any time soon, it may NOT be financially savvy to continue bearing all the direct and indirect cost of using OTCQX quoting service.”
Meanwhile, the company’s business operation may get improved, and its profit margin may increase, once more managerial resources will be shifted from capital formation and back to operation management.
Greg Bankston, managing partner of UC Asset, reconfirms that the company is on the track to build a creative portfolio, of which cannabis properties will be the primary growing point.
“Cannabis properties are doing well at this moment, averagely yielding ROI almost twice of other commercial properties. And the best part is that they are recession-proof, i.e., they will perform as well, and perhaps even better, if US economy will experience a recession as many economists have predicted,” claims Bankston.
For the fiscal year of 2021, UC Asset reported a $0.12 per share net income, which represented a 330% net profit growth over the previous year. Operating profit, for the same period, reported a 73% growth over the previous year.
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