UCASU's Pending 10K Will Report Big Come-back for Year 2020
July 29 2021 - 2:45PM
InvestorsHub NewsWire
Atlanta, GA -- 07/29/2021 -- InvestorsHub NewsWire -- UC
Asset LP (OTCQX:
UCASU) projects its pending annual filing 10-K will show a very
strong come-back of the company to close the fiscal year
2020.
"After taking losses in Q1 and Q2, due to the impact of Covid-19
pandemic, we're pleased to project that our financials will reflect
a big bounced-back in Q4," Says Greg Bankston, managing general
partner of UC Asset. "We are still waiting for the final audit. At
this moment, we expect our net equity per share by years end will
remain above $1.50."
According to UC Asset's previous filings, the company reported
its net equity per share at $1.557 by the end of year 2019. It
dropped to $1.319 (fully diluted) by the end of the third quarter
in the year 2020, mostly because the company took losses
liquidating two properties in April 2020, and re-evaluated its
inventory in the context of an uncertain market and fast-rising
construction costs.
"However, our management team responded and adjusted our
investment strategy. We rode the wave of a bullish residential
market and exited most residential properties in our portfolio
investment, in the second half of 2020, and then in the first half
of 2021, which allows us to adjust the book value of these sold
properties by the end of 2020," explains Bankston.
If the projection is correct and the net equity per share of
UCASU sits above $1.50, it will be considerably higher than its
most recent trading price, which stands at $1.10 per share.
UC Asset's 10-K for the fiscal year of 2020 has been delayed due
to the change of the company's auditor. The company changed its
auditor in June, and has since worked with a new auditor to bring
its filings current.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of
investing in real estate with value-added 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 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
cjordan@ucasset.com | 678-499-0297
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