SGB Development Executes First Contract for National Housing Program
February 26 2021 - 09:00AM
Business Wire
Austin, Texas Site, The American Way, to yield
225 units
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a
leading designer, innovator and fabricator of container-based
structures, announced today that its wholly owned subsidiary, SGB
Development Corp., has executed a contract to acquire and develop
an approximately 7-acre site in Austin, Texas, which is expected to
yield a maximum of 225 condo units that will be sold at market
rates. The project is “as of right” and is anticipated to start in
Q3 2021 after the planning and approval process.
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the full release here:
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Plan for proposed American Way
development in Austin, TX. (Photo: Business Wire)
The project will be funded by third party debt and equity
sources and will be fabricated at SG Echo, the Company’s
manufacturing plant, in Durant, Oklahoma. Upon completion, the net
profit on the sale of the condo units is estimated to be in excess
of $20 million. Units will be built modularly and will target young
professionals, millennials, and those looking for waterfront
living.
“We love the Austin market, our site on the Travis River will
provide exceptional apartments and lifestyles, in a city many see
as the next Silicon Valley,” Paul Galvin, Chairman and CEO noted.
“Our shareholders already benefit from the design build and
manufacturing phase of development projects. We are now able to
capture and integrate revenue from asset sale and rental
income.”
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 plans to acquire and
develop an approximately 7-acre site in Austin, Texas, the site
yielding 225 condo units that will be sold at market rates,
starting the project in Q3 2021 after the planning and approval
process, and the net profit on sale of units being in excess of $20
million. 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 acquire and develop the site in Austin, Texas
as planned, the Company’s ability to start the project in Q3 2021
after the planning and approval process, the Company’s ability to
generate net profit in excess of $20 million on sale of the units
to be constructed, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210226005150/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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