Safe & Green Holdings Corp. - SGBX STOCK NEWS

SG Blocks, Inc. (NASDAQ: SGBX) has announced the groundbreaking of its Monticello Mews project in New York's Catskills region, which will feature 180 townhomes. The first phase will include 110 one- and two-bedroom units, alongside amenities like a clubhouse and gym. CEO Paul Galvin emphasized the importance of this workforce housing, stating it addresses a significant housing supply issue in a growing job market. SG Blocks holds both a loan and a carried interest in the project, expecting completion by Q3 2023 and committing to provide updates throughout the development process.

SG Blocks announced the appointment of Joseph Safina and David Villarreal to its Board of Directors, effective May 28, 2021, increasing the board size from four to six. Safina, with over 30 years in investment banking, will serve on the audit and compensation committees. Villarreal, with 40 years of management experience, has been appointed as the lead independent director. This strategic move aims to leverage their operational leadership and financial expertise to drive the company's growth and execution of its plans.

SG Blocks, Inc. (NASDAQ: SGBX) has announced a contract to acquire a new manufacturing facility in Durant, OK, to meet increasing demand for its projects. The 55,000 SF facility, situated on seven acres, will enhance the company's production capacity by supporting two additional production lines. SG Blocks has opted to redeploy funds initially intended for the acquisition of a different site, choosing instead to lease the original ECHO plant for five more years. The company expects the acquisition to close by August 2021.

SG Blocks (NASDAQ: SGBX) announced its subsidiary, SGB Development Corp., will build 70,000 sq. ft of affordable housing in Atlanta, Georgia, named Norman Berry Village. This project, in partnership with CMC, will consist of 132 units of one- and two-bedroom apartments and will be constructed at the SG Echo campus in Durant, Oklahoma. The initiative aims to address the U.S. housing shortage through efficient, cost-effective modular construction. Leaders from SG Blocks express optimism about the project's potential to expand their footprint in the Atlanta market.

SG Blocks (NASDAQ: SGBX) has announced an agreement with Robbins Park District to deploy a COVID-19 testing medical unit in Robbins, Illinois. The initiative aims to provide essential testing services to underserved communities in the South suburbs of Chicago, which are experiencing high unemployment and positivity rates. Testing is scheduled to begin around June 8th, offering various tests such as rapid antigen and PCR tests. This agreement marks the first step in SG Blocks’ strategy to expand healthcare access through modular medical units.

SG Blocks (Nasdaq: SGBX) reported record revenue between $8.9 million and $9.2 million for Q1 2021, a significant increase from $199,000 in Q1 2020. Gross profit for the quarter is expected to be between $0.9 million and $1.2 million. The company announced the launch of SGB Development Corp., focusing on residential projects in Austin, Texas, and expects to capture approximately $20 million in manufacturing revenue from its first project. However, SG Blocks anticipates a net loss of $2.0 million to $2.3 million for the quarter.

SG Blocks (NASDAQ: SGBX) is partnering with Stone Clinical Laboratories to provide COVID-19 testing at the Food Network's Wine & Food Festival in Miami's South Beach. This initiative also includes testing for the Air & Sea Show & Music Explosion, enhancing safety for employees, vendors, and guests. Stone has secured additional events requiring testing throughout 2021. SG Blocks leverages code-engineered cargo containers for building safe, eco-friendly structures, catering to various markets, including healthcare and travel.

SG Blocks, Inc. (NASDAQ: SGBX) has announced the acquisition of over 50 acres in Lago Vista, Texas, for upscale condominium development, including amenities like a health club and marina. The project, anticipated to yield revenue of approximately $20 million, aligns with the booming Austin market's demand for eco-friendly housing. Groundbreaking is slated for Q2 2022, with projected condominium sales between $80 and $90 million. The units will be manufactured in Oklahoma, emphasizing sustainable, USA-made construction.

SG Blocks (Nasdaq: SGBX) will host a conference call on May 17, 2021, at 4:30 p.m. ET to discuss its Q1 2021 financial results. The call features CEO Paul Galvin and will be accessible via a toll-free dial-in. A live webcast will also be available on the company's website, with a replay option until May 31, 2021. SG Blocks specializes in container-based structures and promotes sustainable construction using code-engineered cargo shipping containers. Further information can be found at www.sgblocks.com.