Safe & Green Holdings Eligible for $1.5 Million Employee Retention Tax Credit
November 20 2023 - 9:00AM
Business Wire
Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe &
Green Holdings” or the “Company”), a leading developer,
designer, and fabricator of modular structures for residential,
commercial, and point-of-care medicine, reported that the Company
has received confirmation from its Professional Employer
Organization (PEO) that the Company is eligible for a $1.5 million
refund from the IRS for the Employee Retention Tax Credit, which is
a refundable credit. The timing of the receipt of the refund is
unknown and is reliant upon the processing times of the IRS and the
Company’s PEO.
“This $1.5 million tax credit is material to our business and
will further reduce our need for dilutive capital,” stated Paul
Galvin, Chairperson and CEO of Safe & Green Holdings. “During
the pandemic, we did not focus on PPE loans or other grant programs
for assistance. Instead, we designed, built, and deployed a
licensed COVID-testing lab at Los Angeles International Airport.
Not only were we able to retain our employees but, in fact,
substantially increased our headcount during the pandemic. These
jobs were created and retained on factory floors, and across the
Safe & Green platform.”
“Our employees are the backbone of our business, and as a result
of their hard work, we not only survived, but have continued to
thrive, as illustrated by our strong manufacturing &
construction services revenue growth,” commented Tricia Kaelin,
Chief Financial Officer at Safe & Green Holdings. “We are
committed to providing high quality US jobs and this ERTC will help
us continue to grow and spur employment in our communities."
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp., a leading modular solutions
company, operates under core capabilities which include the
development, design, and fabrication of modular structures, meeting
the demand for safe and green solutions across various industries.
The firm supports third-party and in-house developers, architects,
builders, and owners in achieving faster execution, greener
construction, and buildings of higher value. The Company’s
subsidiary, Safe and Green Development Corporation, is a leading
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, sourced from one of SG Holdings’
factories and operated by the SG Echo subsidiary. For more
information, visit https://www.safeandgreenholdings.com/ and follow
us at @SGHcorp on Twitter.
Safe Harbor Statement
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 the tax credit reducing the need for
dilutive capital and the ERTC helping the Company to continue to
grow and spur employment in its communities.. 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 receipt of the ERTC in a timely manner, the Company’s
ability to continue to grow and spur employment in its communities,
the Company’s ability to realize anticipated synergies, the effect
of government regulation, 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, 2022 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/20231120557438/en/
Investor Relations:
Crescendo Communications, LLC (212) 671-1020
sgbx@crescendo-ir.com
Safe and Green (NASDAQ:SGBX)
Historical Stock Chart
From Apr 2024 to May 2024
Safe and Green (NASDAQ:SGBX)
Historical Stock Chart
From May 2023 to May 2024