Safe and Green Development Corporation Executes Contract to Sell Lago Vista Site
MIAMI, Fla, April 26, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) is pleased to announce the Company received and executed a commercial contract to sell the Company’s Lago Vista site to an unnamed buyer. The Lago Vista property is an approximately 60-acre waterfront property located on Lake Travis, Texas. After evaluating the current timeline of the joint offer and the purchase offer, the Company decided to sell the property to strategically reinforce its balance sheet. The closing of this transaction would result in approximately $5,000,000 of debt to be extinguished from the Company’s balance sheet and yield additional non-dilutive cash proceeds.
David Villarreal, President & CEO of Safe and Green Development Corporation stated, “This is truly an exciting time for us as we continue to execute on our previously announced initiative to strategically monetize our real property. We believe the property will be in great hands with the prospective buyer and are excited to see their project come to life. For us, this closing would reinforce our balance sheet and allow the Company to narrow our focus on McLean, Norman Berry & Cumberland Inlet projects. Additionally, this is the second property we have successfully monetized, which strengthens our balance sheet and further substantiates the inherent value of our real property, even in a challenging environment.”
The Lago Vista property was originally purchased by SG Devco’s subsidiary for $3.5 million in 2021. Pursuant to the terms of the contract, the sale transaction is expected to close after a 70-day due diligence period and a subsequent 30-day closing period.
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 proptech 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 plans to sell the Company’s Lago Vista property, the closing of the transaction resulting in approximately $5,000,000 of debt to be extinguished from the Company’s balance sheet and yielding additional non-dilutive cash proceeds, continuing to execute on the Company’s previously announced initiative to strategically monetize its real property, the closing reinforcing the Company’s balance sheet and allowing it to narrow its focus on McLean, Norman Berry & Cumberland Inlet projects, the closing substantiating the inherent value of the Company’s real property, the sale transaction closing after a 70-day due diligence period and a subsequent 30-day closing period and XENE Home Platform 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 Lago Vista 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
Andrew@Barwicki.com
516-662-9461
Released April 26, 2024