Safe and Green Development Corp Provides Quarterly Business Update

MIAMI, Fla, April 17, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG DevCo” or the “Company”), is pleased to provide an update and strategy regarding the operations of the business.

“Dear Shareholders,

On behalf of SG DevCo, I would like to present you a quarterly business update. We intend to provide you with an update like this shortly after the end of each fiscal quarter. As the Company evolves, we know it is important to communicate to our shareholders as often as possible.

We would also like to provide clarity as to our ambitions for the upcoming year. Our real estate assets, as previously mentioned, have appreciated significantly since the time we purchased them. We will continue to be opportunistic and creative in our strategies to monetize our current asset base. The combined value of which, per our appraisals, is significantly above our current market cap.

Although the macro-economic environment has created a more challenging landscape for real estate development, we remain committed to delivering as much value as possible from our asset base.

We are very excited to announce the public launch of our Xene Home platform shortly. After considerable due diligence we have invested in this software and the associated AI tools to provide value to our subscriber members. This business is expected to generate recurring revenue throughout the second quarter. From this platform we anticipate being able to generate additional revenue streams through services such as home warranty, home insurance and mortgage financing.

There is a clear alignment between the Xene Home platform and our future real estate development opportunities. We intend to use the Xene Home website and network to market our future projects and units.

While we build this out, we will continue to keep an eye on the technological landscape and take advantage of future opportunities to increase our presence and foothold in the industry. The goal of this is to create a sustainable business with a solid asset base and diversified streams of revenue from both development and technology.

Thank you, as always, for your support.

David Villarreal, CEO.”

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. SG DevCo operates a flexible business model and will look to strategically monetize its assets via land sales, joint ventures and other initiatives. Additionally, a majority owned-subsidiary of SG DevCo, Majestic World Holdings LLC, is a proptech company that has created the XENE 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 providing shareholder updates shortly after the end of each fiscal quarter, communicating to the Company’s shareholders as often as possible, continuing to be opportunistic and creative in the Company’s strategies to monetize its current asset base, announcing the public launch of Xene Home platform shortly, the Xene Home platform providing value to subscriber members, the platform generating recurring revenue throughout the second quarter, generating additional revenue streams through services such as home warranty, home insurance and mortgage financing, there being a clear alignment between the Xene Home platform and the Company’s future real estate development opportunities, using the Xene Home website and network to market the Company’s future projects and units, continuing to keep an eye on the technological landscape and taking advantage of future opportunities to increase the Company’s presence and foothold in the industry and creating a sustainable business with a solid asset base and diversified streams of revenue from both development and technology, decentralizing the real estate marketplace and 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. 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 monetize its real estate holdings, the Company’s ability to launch the Xene Home platform as planned, the Company’s ability to attract customers, real estate agents, lawyers, accountants and title companies to join the Xene Home platform, and the other factors discussed in the Company’s Form 10 registration statement 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
Andrew@Barwicki.com
516-662-9461

Released April 17, 2024