Safe and Green Development Corporation Expects to Close the Sale of St. Mary's Site in May 2024
MIAMI, Fla, April 30, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ:SGD) ("SG Devco" or the "Company") is pleased to announce it has entered into an amendment to its original contract for the sale of its St. Mary's site to extend the closing date. After evaluating the current timeline, the closing of this transaction is expected by May 30, 2024, with the transaction potentially concluding as early as May 15th. This transaction will yield in excess of $1M in non-dilutive capital, bolstering the Company's operational capabilities.
Furthermore, the Company announced that the closing for this transaction will take place via SG Devco's online real estate market platform, Xene Home. This platform offers a seamless and secure digital experience, seeking to revolutionize the way real estate transactions are conducted.
David Villarreal, CEO of Safe and Green Development Corporation, expressed his enthusiasm regarding the extension of the closing date, stating, "We are delighted to announce the extension of the closing date for the sale of our St. Mary's site. This transaction represents a significant step forward for SG Devco, allowing us to unlock additional capital while focusing on our core business objectives. Additionally, we will recognize significant revenue in Q2 of 2024 as a result of this transaction. By utilizing our online real estate market platform, Xene Home, we are streamlining the transaction process, which should ensure a seamless experience for all parties involved."
"The sale of the St. Mary's property represents a strategic move that will strengthen SG Devco's position in the market and allow us to capitalize on emerging opportunities. We remain committed to delivering exceptional experiences to our customers and partners, while maintaining a strong and sustainable financial position," Villarreal continued.
About Safe and Green Development Corporation
Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative, and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created the XENE Home Platform. It is powered by advanced AI technology which aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment.
More information about SG DevCo can be found at www.sgdevco.com.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances and include statements regarding closing the sale of the St. Mary's site by May 30, 2024, with the transaction potentially concluding as early as May 15th, the transaction yielding non-dilutive capital bolstering the Company's operational capabilities, the closing for the transaction taking place via the Company's online real estate market platform, Xene Home revolutionizing the way real estate transactions are conducted, Xene Home ensuring a seamless experience for all parties involved, strengthening SG Devco's position in the market, capitalizing on emerging opportunities, delivering exceptional experiences to the Company's customers and partners while maintaining a strong and sustainable financial position and Xene Home creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. . Statements in this press release that are not strictly historical in nature are forward-looking statements. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the Company's ability to successfully complete the sale of the St. Mary's property, the Company's ability to monetize its real estate holdings, the Company's ability to attract banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers to join the Xene Home platform and the other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.. All forward-looking statements are qualified in their entirety by this cautionary statement and Safe and Green Development Corporation undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
For investor relations and media inquiries, please contact:
Barwicki Investor Relations
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