Safe & Green Holdings Corp. - SGBX STOCK NEWS

SG Blocks (NASDAQ: SGBX) announced that its subsidiary, SG DevCorp, has acquired a 10% non-dilutable equity interest in JDI-Cumberland Inlet, LLC, contributing $3 million to develop a 1,286-acre waterfront site in St. Marys, Georgia. The project aims to create a mixed-use community featuring approximately 1,280 modular units, generating an estimated $180 million in potential manufacturing revenue. Site work is scheduled to begin in Q4 2021, with initial unit deliveries expected in Q3 2022.

SG Blocks (NASDAQ: SGBX) announced its subsidiary, SGB Development Corp., in partnership with CMC Development Group, acquired a six-acre site in Atlanta, Georgia for a rental apartment community. The project, named Norman Berry Village, will feature 134 units and is projected to cost approximately $21 million. Groundwork is expected to begin in Q3 2021, with completion by Q3 2023. This initiative aims to address affordable housing needs in Atlanta, where 20.8% of residents live below the poverty line.

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.