UCASU - UC Asset Announces $1.3 Million Sales Contract with PURA Agreeing to Acquire Dallas Area Farmland
October 21 2020 - 9:17AM
InvestorsHub NewsWire
October 21, 2020 -- InvestorsHub NewsWire -- UC Asset (OTCQX:
UCASU), a real estate investment and redevelopment company, and
Puration, Inc. (OTC:
PURA), a lifestyle brand company, announced the execution of a
contract for UC Asset to sell Puration a 72-acre farmland parcel
located in Farmersville, TX, for a consideration of $1.3
million.
UC Asset, through its wholly owned subsidiary, acquired the
farmland at the price of $805,216, in September, 2016. As of June
30, 2020, the total historical cost occurring to UC Asset in
holding this property (including commissions, taxes, consulting
fees etc.) is approximately $55,000. For this investment of UC
Asset, the overall gross rate of return is approximately 55%.
"This property has been a great investment for us in sense that
we are now selling it at a reasonable price and can still earn a
good return at 55%," explains Greg Bankston, managing partner of UC
Asset’s GP. "The price we paid in 2016 was 4.2% lower than the
price this property last transacted in 2007.
"Furthermore, this deal is a direct sale, without involving any
real estate brokers or agents. We will not pay any realtors
commissions or brokerage fees, which could have accounted for 3% -
6% of the contract amount. This will further improve our profit,"
says Greg.
"We are excited to proceed with the Farmersville purchase in
conjunction with our new Farmersville Brands strategy," said Brian
Shibley, CEO of Puration. "Farmersville is a short distance north
of the Dallas metroplex and an ideal location for our hands-on,
lifestyle brand strategy."
According to the sales contract, PURA will acquire the farmland
by paying $100,000 in cash, and another $1.2 million in form of
secured note. The note will be pledged using the purchased farmland
as collateral. The transaction is set to closed on or before
November 02, 2020.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of
investing in real estate 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.
About Puration Inc.
Puration, Inc. previously had been a water purification company
that began to explore and develop new business opportunities
focusing on the emerging Cannabis Extractions Sector. In July 2015,
the Company entered into an agreement to acquire certain health
& wellness joint ventures from North American Cannabis
Holdings, Inc. resulting in its current product line of CBD infused
bottled flavored water products. The Company is focused on growing
the distribution and sales of its product line both domestically
and internationally. For more information on Puration,
visit http://www.purationinc.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.
Contacts
Christal Jordan | Investor Relations Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297
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