Sep. 9, 2020 11:40 AM ET | About: Puration, Inc. (PURA) | By: Manshi Mamtora, CFA, SA News Editor 


 
Puration (OTCPK:PURA -2.0%) is a potential buyer for UC Asset's 72-acre farmland located in Farmersville, TX.

UC Asset has entered into a non-binding Letter of Intent (LOI) through its wholly-owned subsidiary Atlanta Landsight to sell the land for a consideration of $1.3M.

UC Asset had acquired the farmland through its subsidiary at the price of $805,216, in September, 2016.

According to the LOI, PURA proposes to acquire the farmland by paying $100,000 in cash, and another $1.2M in form of secured note. The note will be pledged using the purchased farmland as collateral.

“We are excited to proceed with this Farmersville purchase in conjunction with our new Farmersville Brands strategy. Farmersville is a short distance north of the Dallas metroplex and an ideal location for our hands-on, lifestyle brand strategy.” said Brian Shibley, CEO of Puration.

Source: https://seekingalpha.com/news/3612573-puration-proposes-to-acquire-farmland-from-uc-asset-for-1_3m

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