Business
UCASU renews partnership in Dallas project to increase near-term cash income
UCASU renews partnership in Dallas project to increase near-term cash income.
About this update from Puration Inc.
[{"type":"text","content":"\n Atlanta, Sept. 06, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announced today that the company has renewed its partnership with Puration Inc. (OTC Pink: PURA) with regard to the development of 72-acre land in the metropolitan area of Dallas, Texas. The new partnership is formed with intention to increase near-term cash income for both UC Asset and Puration. UC Asset sold the land to Puration about 2 years ago, and later entered into an LOI with Puration to co-develop the land into a medical plant cultivation project, including cannabis plants such as hemp. “While this business plan is still promising, both UC Asset and our partner have recognized that it will become a long-term project under the current economic circumstance,” says Greg Bankston, managing general partner of UC Asset. “Particularly, it requires larger capital commitment, which is costly to raise in today’s capital market.” “Meanwhile, the land itself has become one of our most successful investments. Our initial purchase price was only $800,000. Now, a nearby property, of which the size is only one-quarter of ours, is listed at $1.4 million. We believe that the value of our property has appreciated to be above $2.0 million. And both UC Asset and Puration agree that we should take advantage of its value appreciation to increase our short-term revenue,” declares Bankston. If UC Asset and Puration can realize the estimated value appreciation of the property by the end of this year, it will represent over 16% compound annual return, or 25% simple annual return. UC Asset and Puration will work together to develop a plan that will maximize their profits, with a focus on generating short-term revenue. 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 t...