Safe and Green Development Corporation Executes Contract to Sell Lago Vista Site
26 April 2024 - 11:05PM
Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or
the “Company”) is pleased to announce the Company received and
executed a commercial contract to sell the Company’s Lago Vista
site to an unnamed buyer. The Lago Vista property is an
approximately 60-acre waterfront property located on Lake Travis,
Texas. After evaluating the current timeline of the joint offer and
the purchase offer, the Company decided to sell the property to
strategically reinforce its balance sheet. The closing of this
transaction would result in approximately $5,000,000 of debt to be
extinguished from the Company’s balance sheet and yield additional
non-dilutive cash proceeds.
David Villarreal, President & CEO of Safe
and Green Development Corporation stated, “This is truly an
exciting time for us as we continue to execute on our previously
announced initiative to strategically monetize our real property.
We believe the property will be in great hands with the prospective
buyer and are excited to see their project come to life. For us,
this closing would reinforce our balance sheet and allow the
Company to narrow our focus on McLean, Norman Berry &
Cumberland Inlet projects. Additionally, this is the second
property we have successfully monetized, which strengthens our
balance sheet and further substantiates the inherent value of our
real property, even in a challenging environment.”
The Lago Vista property was originally purchased
by SG Devco’s subsidiary for $3.5 million in 2021. Pursuant to the
terms of the contract, the sale transaction is expected to close
after a 70-day due diligence period and a subsequent 30-day closing
period.
About Safe and Green Development
CorporationSafe 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. Additionally, a majority owned
subsidiary of SG DevCo, Majestic World Holdings LLC, is a
proptech company that has created the XENE Home 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 StatementThis 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. 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 and
include statements regarding plans to sell the Company’s Lago Vista
property, the closing of the transaction resulting in approximately
$5,000,000 of debt to be extinguished from the Company’s balance
sheet and yielding additional non-dilutive cash proceeds,
continuing to execute on the Company’s previously announced
initiative to strategically monetize its real property, the closing
reinforcing the Company’s balance sheet and allowing it to narrow
its focus on McLean, Norman Berry & Cumberland Inlet projects,
the closing substantiating the inherent value of the Company’s real
property, the sale transaction closing after a 70-day due diligence
period and a subsequent 30-day closing period and XENE Home
Platform 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. Statements in this press release that are not strictly
historical in nature are forward-looking statements. Actual events
or results may differ materially from those projected in any of
such statements due to various factors, including the Company’s
ability to successfully complete the sale of the Lago Vista
property, the Company’s ability to monetize its real estate
holdings, the Company’s ability to attract banks, institutions,
home builders, clients, agents, vendors, gig workers, and insurers
to join the Xene Home platform and the other factors discussed in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023 and its subsequent filings with the SEC. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.. 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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