ATLANTA, Jan. 11, 2024 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) announces today that the company has filed with SEC to formally launch its stock buyback program.
In a Form 1-U filed by the company, it states as follows:
"On January 10, 2024, the general partner of our company authorized and approved a share repurchase program of our current outstanding common units, over a period of 12 months, through open market purchases, for an unspecific total amount no more than the net income of the company during the fiscal year of 2023, at unspecific prices no more than the lowest ask price at the time of execution of a purchase."
"Since our incorporation in the year 2016, we have built a solid business model, and have been reporting profits in most of the years. We have also made two dividend distributions, of which the recent one was executed in the year 2023, at $0.10 per share," says Larry Wu, founder of UC Asset. "However, the trading activity of our common shares, as far as we observe and understand it, has not always shown consistent correlation to our profitability."
"For the common interest of our shareholders, the management have decided that we should use part of our net cash inflow to buy back our stocks," declares Wu.
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 Media Contact: IR@UCasset.com; +1 470-475-1035
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SOURCE UC Asset LP
