SG Blocks Forms SGB Development Corp for National Housing Program
February 25 2021 - 8:30AM
Business Wire
Company Executes National Level Property
Development Entity
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a
leading designer, innovator and fabricator of container-based
structures, announced today that it has launched its real property
development arm, SGB Development Corp., whose mission is to
maximize the delivery of low- and moderate-income housing. The
Company will work with financial and lending partners to develop
low- and moderate-income housing across the country.
SG Blocks, since inception, has had a steady stream of
landowners and developers looking to partner due to our proprietary
building system. Our projects have enhanced IRR’s because of the
compression of time generated by building modularly.
The projects for SGB Development Corp. will be built at SG ECHO,
the Company’s manufacturing headquarters in Durant, OK. SG Blocks
recently announced a contract execution to acquire the 19-acre ECHO
site. The Company intends to dedicate a 60,000 SF new manufacturing
facility to deliver on the projects of SGB Development. In total,
SG Blocks anticipates building out 350,000 SF of additional
manufacturing space on the Durant, OK campus.
The SG Blocks modular process saves approximately 50 percent in
time which produces enhanced IRR, lower soft costs and faster
occupancy. We will target projects that will bring single family
homes and apartments that are both affordable and rapidly
available.
“We continue to be disciplined in the execution of our strategic
plan of which SGB Development is a major component. We will deliver
America safe and green homes that are affordable and able to stand
up to earthquakes and hurricanes,” Paul Galvin, CEO and Chairman
noted. “By partnering with local investors, lenders and developers,
we are enabled to expand our network and partner with the best
developers in the U.S. We are proud to say that our homes will be
made in the USA, by humans.”
About SG Blocks, Inc.:
SG Blocks, Inc. is a premier innovator in advancing and
promoting the use of code-engineered cargo shipping containers for
safe and sustainable construction. The firm offers a product that
exceeds many standard building code requirements, and also supports
developers, architects, builders and owners in achieving greener
construction, faster execution, and stronger buildings of higher
value. Each project starts with GreenSteel™, the structural core
and shell of an SG Blocks building, and then is customized to
client specifications. For more information, visit
www.sgblocks.com.
Safe Harbor Statement
Forward-Looking Statements Certain statements in this press
release constitute "forward-looking statements" within the meaning
of the federal securities laws. Words such as "may," "might,"
"will," "should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions and include statements regarding projects planned for
SGB Development Corp., acquiring the 19-acre ECHO site in Durant,
OK, constructing a 60,000 SF new manufacturing facility to deliver
on the projects of SGB Development, and building out 350,000 SF of
additional manufacturing space on the Durant, OK campus. While SG
Blocks believes these forward-looking statements are reasonable,
undue reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are subject
to various risks and uncertainties, many of which are difficult to
predict that could cause actual results to differ materially from
current expectations and assumptions from those set forth or
implied by any forward-looking statements. Important factors that
could cause actual results to differ materially from current
expectations include, among others, the Company’s ability to
complete the projects for SGB Development Corp. and acquire the
19-acre ECHO site in Durant, OK as planned, the Company’s ability
to construct a 60,000 SF new manufacturing facility and build out
350,000 SF of additional manufacturing space on the Durant, OK
campus as planned, the Company’s ability to position itself for
future profitability, the Company’s ability to maintain compliance
with the NASDAQ listing requirements, and the other factors
discussed in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2019 and its subsequent filings with the SEC,
including subsequent periodic reports on Forms 10-Q and 8-K. The
information in this release is provided only as of the date of this
release, and we undertake no obligation to update any
forward-looking statements contained in this release on account of
new information, future events, or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210225005365/en/
Media: Rubenstein Public Relations: Christina Levin Vice
President 212-805-3029 clevin@rubensteinpr.com
Investor Relations: ICR Stephen Swett (203) 682-8377
investors@sgblocks.com
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