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Puration to Acquire 72-Acre Dallas Farmland Parcel for USD 1.3m
Friday 23 October 2020

Georgia, US-based real estate investment and redevelopment company UC Asset (OTCQX: UCASU) has agreed to sell 72 acres of Texas farmland to lifestyle brand company Puration, Inc. (OTC: PURA) for a consideration of USD 1.3m, the company said.

According to the sales contract, PURA will acquire the farmland by paying USD 100,000 in cash, and another USD 1.2m in form of a secured note.

The note will be pledged using the purchased farmland as collateral. The transaction is set to closed on or before November 02, 2020.

UC Asset, through its wholly owned subsidiary, acquired the farmland at the price of USD 805,216, in September, 2016.

As of June 30, 2020, the total cost occurring to UC Asset in holding this property (including commissions, taxes, consulting fees etc.) is approximately USD 55,000. For this investment of UC Asset, the overall gross rate of return is approximately 55%.

UC Asset LP is a limited partnership formed for the purpose of investing in real estate for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas, TX.

Puration, Inc. previously had been a water purification company that began to explore and develop new business opportunities focusing on the emerging Cannabis Extractions Sector.
Date Published: 23/10/2020