ATLANTA, July 29, 2021
ATLANTA, July 29, 2021 /PRNewswire/ -- 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 year's 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
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
[email protected] | 678-499-0297
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SOURCE UC Asset LP