ATLANTA, GA --
August 21, 2023 -- InvestorsHub NewsWire -- UC Asset LP (OTCQB:
UCASU) filed its Form 1-SA today, reporting a net profit
of approximately $0.06 per share for the first half of the year
2023. It also reported a revenue increase of approximately
$2.3 million, and an operative cost decrease by approximately 55% ,
for the first half of the year 2023 over the same period of the
year 2022.
"Our goal is to
achieve more than $0.10 per share net profit for the whole year,"
said Jason Armstrong, manager of UC Asset. "Particularly, our
investment in cannabis properties will start to generate income
this month. As far as we know, we are one of the only four
SEC-reporting public companies which invest in cannabis properties.
This means that we are investing in a niche with less competition,
and probably will produce higher investment return."
"Our revenue
increased by $2.3 million, which means our business has likely
returned to the track of a fast growth," Armstrong added. "We have
several possible deals under negotiation, and we may see more
revenue in the second half of the year."
Armstrong also
expressed satisfaction about the company's achievement in cutting
costs: "While part of the surge in revenue may be due to the change
of overall market situation which is beyond the company's control,
the 55% cost reduction should be mostly attributed to the
management's effort. "
"Our operating
expenses decreased significantly across the board (except for
depreciation) for the first half of 2023, compared to the same
period in 2022. In particular, 1) management fees decreased by more
than 44%, due to a change proposed by the management team with the
intention to reduce management fees; 2) Professional fees decreased
by approximately 29%, mostly due to termination of the plan for a
Secondary Public Offering; 3) other general and administrative cost
decreased by more than 70%, mostly due to decrease of marketing and
advertisement costs and travel costs; 4) interest expenses
decreased by more than 75%, mostly due to paid-off of our
construction loans; and 5) loss on disposal of asset decreased from
$39,100 to $0."
UC Asset had
reported profits in previous years, including the year of 2020 and
2021. In the year 2021, it reported $0.13 per share net gain of
assets, and distributed $0.10 per share dividend. However, the
company suffered a loss in 2022, mostly due to loss from marketable
securities on stock market.
In April 2023,
independent stock research firm, Litchfield Hills Research LLC,
released its initial analysis report on UC Asset LP (OTCQB:
UCASU), which rates UCASU as "Buy", and sets its target price
at $4.00 per share, using its model of discounted future
earnings.
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:
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:
UC Asset LP
IR@UCasset.com
+1 470-475-1035
