Safe and Green Development Corp Reports Record Fiscal Year 2023 Financial Results and Provides a Business Update
March 28 2024 - 9:00AM
Safe and Green Development Corporation (NASDAQ: SGD)(“SG DevCo” or
the “Company”), today reported financial results for the twelve
months ended December 31, 2023.
David Villarreal, President & CEO of SG DevCo, stated, "I am
pleased to announce 2023 progressed as we had planned and allowed
us to execute on a number of initiatives and business plans we set
forth prior to becoming a public company. We believe we have the
foundation in place to capitalize on the real estate market from
different angles, including but not limited to property ownership
which has already resulted in land pre-development, the
establishments of joint ventures, profitable land sales and the
acquisition of software and technology designed to improve various
aspects of the real estate industry.”
Highlights from 2023 and subsequent weeks include:
- Becoming a publicly traded company listed on the NASDAQ
- Received approval to purchase Right of Way Approval at Norman
Berry village project in Atlanta, GA and Securing financing for
Norman Berry expansion
- Acquired XENE Real Estate AI Software
- Announced Entry into Contribution Agreement to form a joint
venture to develop the Lago Vista property
- Entered into a Contract to sell St Mary property for $1.35
million
Nicolai Brune, Chief Financial Officer of SG DevCo, stated, “For
the year ended December 2023, we raised $4.5 million and our
operating loss for the year was $3 million, of which $940 thousand
is attributed to the non-recurring expenses associated with going
public onto NASDAQ. We have and will continue to operate the
business in a very prudent manner, which we believe will still
allow us to expand organically, as we have done with most of our
properties already. We will also continue to make strategic
acquisitions if they become available and can be vertically
integrated into our current operations and be immediately
accretive. Lastly, while we did not generate revenue in 2023 as we
ramped up into going public, we expect to generate recurring
revenue starting in Q2 of 2024. We will aim to provide guidance
towards the end of 2024.”
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. In some cases forward-looking
statements can be identified by terminology such as “may,”
“should,” “potential,” “continue,” “expects,” “anticipates,”
“intends,” “plans,” “believes,” “estimates,” and similar
expressions, and include statements regarding having the foundation
in place to capitalize on the real estate market from different
angles, including but not limited to property ownership which has
already resulted in land pre-development, the establishments of
joint ventures, profitable land sales and the acquisition of
software and technology designed to improve various aspects of the
real estate industry, continuing to operate the business in a very
prudent manner, which will still allow the Company to expand
organically and making strategic acquisitions if they become
available and can be vertically integrated into the Company’s
current operations and be immediately accretive, expect to generate
recurring revenue starting in Q2 of 2024, aim to provide guidance
towards the end of 2024. 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. Important
factors that could cause actual results to differ materially from
current expectations include, among others our inability to
capitalize on the real estate market, operate the business in a
prudent manner and make accretive acquisitions, the real estate and
financial markets, and the Company’s financial position and its
ability to obtain financing and the other risk factors
described in the Company’s filings with the SEC. 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
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