UCASU announces plan of stock buyback

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Oct 04, 2023, 09:00 ET

ATLANTA, Oct. 4, 2023 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) announces today that the company has decided to use its cashflow from net profit to buy back its stocks.

"In the past 24 months we have made major adjustments to our investment strategy. As the new strategy being implemented, we are going to have more income-producing properties in our portfolio," explains Larry Wu, founder of UC Asset. "Hence, we are building up a stream of constant cash inflow."

For example, the company acquired 50% of a 15,000 sq ft cannabis property in May 2023, from which the company has started to receive a monthly dividend of $12,000. Last week, the company announced entering into an MOU to build another cannabis property of 8,000 sq ft, from which the company is expected to receive $20,000 monthly rent upon completion.

The company also owns properties to be developed into short-term rentals (to be marketed on platforms such as Airbnb) which may also generate cash income constantly.

"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.

Wu emphases that it is premature to discuss any details, such as the buyback price. However, Wu expresses that he personally believes that net equity per share will be a good indicator for buyback price.

Wu cautions that, however, company buyback will involve regulatory and procedural matters, which may be complicated and may take an extended period of time to complete. Company buyback may also require certain permits or approvals for which the company may not necessarily be eligible.

"With that said, we will push the execution of our buyback plan steadily forward," avowed 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:

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SOURCE UC Asset LP