UCASU management vows to bring financial reporting current in 30 days

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Jul 02, 2021, 10:41 ET

ATLANTA, July 2, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) management states that the company will bring its financial filings current in 30 days, following the change of its auditors.

"We have received requests from concerned parties regarding our status of financial reports." Says Larry Wu, founder of UC Asset, "The company filed Form 8-K on June 02 which announced the dismissal of our previous auditor and retaining of our current auditor. We have been worked intensively with our current auditor since then, and are very confident that our reports, including Form 10K for the year of 2020 and Form 10Q for the first quarter of 2021, will be filed in 30 days."

The work of the current auditor, according to Mr. Wu, involves auditing the company's 2020 financials as well as re-auditing its 2019 financials. However, management does not expect any major changes from the re-auditing that will substantially alter the valuation of the company .

"We expect that the most prominent change is that our subsidiaries will be consolidated." Says Mr. Wu, "This will not substantially change our balance sheet. Neither will it change our net equity per unit, which, as far as we can see, is the key indicator of the company's performance as a real estate investor."

"However, our income statement may look different after consolidation. Our realized gain will increase dramatically, while unrealized gain will decrease by the same amount."

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate properties with prospects for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas, TX. 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 | Investor Relations Director, UC Asset LP
[email protected] | 678-499-0297

SOURCE UC Asset LP