KBS Builders Wins $4.2 Million Contract to Manufacture Workforce Housing on Nantucket
June 16 2022 - 8:00AM
Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (“Star Equity” or
the “Company”), a diversified holding company, announced today that
its KBS Builders, Inc. (“KBS”) business has signed a $4.2 million
contract to manufacture 60 modules for the construction of eight
new multi-family buildings as part of a workforce housing
development on the island of Nantucket in Massachusetts. This
development will help improve Nantucket’s availability of
affordable housing, a longstanding challenge facing the island.
Production of two of the eight buildings has already commenced, and
production of the remaining buildings is expected to continue into
the fall of 2022.
“We are thrilled to announce this exciting
project on Nantucket for KBS,” said Thatcher Butcher, President of
KBS. “We believe affordable and workforce housing is an excellent
fit for KBS’s production capabilities, and we are well-positioned
to capitalize on the increasing demand for workforce housing across
the Northeast. Importantly, this project marks yet another win for
KBS on Cape Cod and the Islands, an area where we are continuing to
gain market share and visibility especially in key segments such as
workforce housing.”
Rick Coleman, Chief Executive Officer of Star
Equity, noted, “This high-visibility project on Nantucket marks the
second large-scale commercial project KBS has won thus far in 2022.
KBS’s sales team continues to do great work with booked backlog now
extending into November, and the entire KBS team is making great
strides toward achieving our production, quality, and profitability
goals.”
About Star Equity Holdings,
Inc.
Star Equity Holdings, Inc. is a diversified
holding company with three divisions: Healthcare, Construction, and
Investments.
Healthcare
Our Healthcare division designs, manufactures,
and distributes diagnostic medical imaging products and provides
mobile imaging services. Our Healthcare division operates in two
businesses: (i) diagnostic services and (ii) diagnostic
imaging. The diagnostic services business offers imaging services
to healthcare providers as an outsourced alternative to purchasing
and operating their own equipment. The diagnostic imaging business
develops, sells, and maintains solid-state gamma cameras.
Construction
Our Construction division manufactures modular
housing units for commercial and residential real estate projects
and operates in two businesses: (i) modular building manufacturing
and (ii) structural wall panel and wood foundation manufacturing,
including building supply distribution operations for professional
builders.
Investments
Our Investments division manages and finances
the Company’s real estate assets and investments.
Forward-Looking Statements
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995: This release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements in this
release that are not statements of historical fact are hereby
identified as “forward-looking statements” for the purpose of the
safe harbor provided by Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking Statements include, without limitation,
statements regarding (i) the plans and objectives of management for
future operations, including plans or objectives relating to
acquisitions and related integration, development of commercially
viable products, novel technologies, and modern applicable
services, (ii) projections of income (including income/loss),
EBITDA, earnings (including earnings/loss) per share, free cash
flow (FCF), capital expenditures, cost reductions, capital
structure or other financial items, (iii) the future financial
performance of the Company or acquisition targets and (iv) the
assumptions underlying or relating to any statement described
above. Moreover, forward-looking statements necessarily involve
assumptions on the Company’s part. These forward-looking statements
generally are identified by the words “believe”, “expect”,
“anticipate”, “estimate”, “project”, “intend”, “plan”, “should”,
“may”, “will”, “would”, “will be”, “will continue” or similar
expressions. Such forward-looking statements are not meant to
predict or guarantee actual results, performance, events, or
circumstances and may not be realized because they are based upon
the Company's current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described above as a result of these risks and uncertainties.
Factors that may influence or contribute to the inaccuracy of
forward-looking statements or cause actual results to differ
materially from expected or desired results may include, without
limitation, the substantial amount of debt of the Company and the
Company’s ability to repay or refinance it or incur additional debt
in the future; the Company’s need for a significant amount of cash
to service and repay the debt and to pay dividends on the Company’s
preferred stock; the restrictions contained in the debt agreements
that limit the discretion of management in operating the business;
legal, regulatory, political and economic risks in markets and
public health crises that reduce economic activity and cause
restrictions on operations (including the recent coronavirus
COVID-19 outbreak); the length of time associated with servicing
customers; losses of significant contracts or failure to get
potential contracts being discussed; disruptions in the
relationship with third party vendors; accounts receivable
turnover; insufficient cash flows and resulting lack of liquidity;
the Company's inability to expand the Company's business;
unfavorable changes in the extensive governmental legislation and
regulations governing healthcare providers and the provision of
healthcare services and the competitive impact of such changes
(including unfavorable changes to reimbursement policies); high
costs of regulatory compliance; the liability and compliance costs
regarding environmental regulations; the underlying condition of
the technology support industry; the lack of product
diversification; development and introduction of new technologies
and intense competition in the healthcare industry; existing or
increased competition; risks to the price and volatility of the
Company’s common stock and preferred stock; stock volatility and in
liquidity; risks to preferred stockholders of not receiving
dividends and risks to the Company’s ability to pursue growth
opportunities if the Company continues to pay dividends according
to the terms of the Company’s preferred stock; the Company’s
ability to execute on its business strategy (including any cost
reduction plans); the Company’s failure to realize expected
benefits of restructuring and cost-cutting actions; the Company’s
ability to preserve and monetize its net operating losses; risks
associated with the Company’s possible pursuit of acquisitions; the
Company’s ability to consummate successful acquisitions and execute
related integration, as well as factors related to the Company’s
business including economic and financial market conditions
generally and economic conditions in the Company’s markets; failure
to keep pace with evolving technologies and difficulties
integrating technologies; system failures; losses of key management
personnel and the inability to attract and retain highly qualified
management and personnel in the future; and the continued demand
for and market acceptance of the Company’s services. For a detailed
discussion of cautionary statements and risks that may affect the
Company’s future results of operations and financial results,
please refer to the Company’s filings with the Securities and
Exchange Commission, including, but not limited to, the risk
factors in the Company’s most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. This release reflects management’s
views as of the date presented.
All forward-looking statements are necessarily
only estimates of future results, and there can be no assurance
that actual results will not differ materially from expectations,
and, therefore, you are cautioned not to place undue reliance on
such statements. Further, any forward-looking statement speaks only
as of the date on which it is made, and we undertake no obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events.
For more information contact: |
|
Star Equity Holdings, Inc. |
The Equity Group |
Rick Coleman |
Lena Cati |
Chief Executive Officer |
Senior Vice President |
203-489-9508 |
212-836-9611 |
admin@starequity.com |
lcati@equityny.com |
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