PURA - Puration proposes to acquire farmland from UC Asset (UCASU) for $1.3M
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
“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.
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