SG Echo in Production Phase for United States Military SCIF (Sensitive Compartmented Information Facility)

Rhea-AI Summary

SG Blocks (NASDAQ: SGBX) announced progress on its military facility project, moving from design to production phases for a secure military SCIF. The project, valued at $767,682, began in October 2021 and is set to be completed by October 2022. SG Echo, the company's manufacturing facility, encompasses 70,000 square feet, catering to government entities. CEO Paul Galvin highlighted the company's commitment to military clients and plans to provide further updates as work progresses.

Positive

• Progress to production phase for military facility project.
• Contract valued at $767,682, indicating substantial revenue.
• Continued relationship with government clients enhances business prospects.

Negative

• Completion deadline missed; project initially set for October 2022.
• Reliance on government contracts may pose risks to revenue stability.

The Company continues to make progress on its secured military facility project as the government sector expands

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading developer, designer, and fabricator of modular structures, announced today that SG Echo, SG Blocks’ owned and operated manufacturing facility which specializes in the design and construction of permanent modular and temporary modular buildings, has been released from its design phase for its agreement with a leading contractor for a United States Military SCIF. The project is now moving to the production phase.

The contract, which is for $767,682 commenced in October of 2021 and aims for completion in October of 2022.

SG Echo is building the secured pre-fabricated facility for a government entity in-house, with its factory featuring approximately 70,000 square feet of modular manufacturing space.

“We look forward to continuing our fruitful relationship with this private government client,” Paul Galvin, Chairman and CEO explained. “We have best-in-class manufacturing facilities that cater perfectly for our military and government clients, and we are proud to be expanding in this arena.”

The Company plans to continue to provide updates as the project moves to completion and delivery.

About SG Blocks, Inc.

SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.

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 completing the contract in October of 2022, continuing the Company’s fruitful relationship with this private government client and providing updates as the project moves to completion and. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. 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 ability to complete the contract as planned, the Company’s ability to continue its relationship with this private government client, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, 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, 2021 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/20220629005322/en/

Investor Relations:

PCG Advisory, Inc.

Jeff Ramson

(646) 863-6341

jramson@pcgadvisory.com

Source: SG Blocks, Inc.

FAQ

What is the current status of SG Blocks military facility project?

SG Blocks has moved from the design to production phase for a secure military SCIF.

What is the value of the contract SG Blocks received for the military facility?

The contract is valued at $767,682.

When did SG Blocks start the military facility project?

The project commenced in October 2021.

What is the expected completion date for the military facility project?

The project was initially planned for completion in October 2022.

How large is the SG Echo manufacturing facility?

SG Echo features approximately 70,000 square feet of modular manufacturing space.