(MENAFN- GlobeNewsWire - Nasdaq)
ATLANTA, Jan. 14, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) management is cautiously optimistic that it may benefit from Puration Inc.'s (OTC Pink: PURA) $10 million revenue projection, which was announced in a press release by PURA . UCASU holds substantial interests in PURA, and is under an umbrella LOI to invest into cannabis properties to be operated by PURA.
'We are encouraged to see the optimistic projection by PURA, particularly from operation of its new Farmersville Hemp Brand,' says Greg Bankston, managing partner of PURA, 'We are committed to invest into the real estate of Farmersville Hemp Brand's facility, which is central to PURA's updated business plan. However, the schedule and scale of our investment will depend on PURA's implementation of a productive business plan to construct such a facility and monetize from its continuous operation. That PURA has set up a strategy to achieve $10 million revenue is a solid step to achieve our common business goal.'
As a real estate investor, UCASU will not participate in the daily management of either the construction or the operation of said facility, besides providing capital and holding the title of the property. If PURA's business plan succeeds, UCASU will see increased return on its investment in this property, possibly from increased rent or increased profit-sharing. And the value of the property will continue to appreciate.
Besides direct return from the property, UCASU may also receive income from PURA as an equity holder. Currently, UCASU holds approximately 7.5% equity of PURA, in forms of restricted stocks. Although UCASU cannot sell those restricted shares in the near future, it may receive dividend from those shares, if PURA realizes profit.
UCASU announced a plan to expand its portfolio into cannabis properties in the beginning of Q4, 2021, applying an investment model similar to other industry leaders, such as Power REIT. Power REIT announced its cannabis investments in February 2020. Its revenue has doubled, and its share price has risen more than 7-fold since then. Besides the Farmersville property deal with PURA, UCASU has developed a pipeline of deals across several other states, include Georgia, Florida, Oklahoma, Michigan and California.
Earlier this month, UCASU announced that it will seek to uplist to the Nasdaq or NYSE exchanges, and will raise an additional $10 million to $20 million through a combination of private placements and public offering.
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:
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 of 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 | Executive Director, UC Asset LP
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