Focus Universal (FCUV) Announces $2.6M Capital Gain on Asset Sale

February 23, 2024 9:41 AM EST

Focus Universal Inc. (NASDAQ: FCUV) today announced the sale of its Ontario warehouse facility.

"Our company has sold the warehouse for $7.1 million dollars, which has resulted in a $2.6 million dollar capital gain. As we purchased our warehouse for $4.5 million dollars in 2018, we feel it is the proper time to realize our investment given the changing market dynamics moving forward. We feel like our prudent and successful investment has yielded a beneficial return for the continued development of our company, and we plan to use the cash and proceeds to promote our Ubiquitor and SEC financial reporting automation software," said Focus Chief Executive Officer Desheng Wang.

Unlike most electronic devices on the market that can perform only a single predefined function, the Ubiquitor can perform any multiple customized functions, as the Focus Universal product eliminates the need for multiple devices and allows for efficient utilization of a single device for various applications. The Ubiquitor has the capability to monitor and control multiple sensors or actuators, making it suitable for performing local IoT functions at a fraction of its cost. Also, Focus Universal Inc. has developed a Data Entry Automation software ready for commercialization. With the use of the Data Entry Automation software, the time needed for preparation of the SEC financial report is reduced significantly, eliminating much of the mundane data entry, which is ill-suited for human production.

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