SG ECHO Selected as Exclusive Manufacturer for Street Food USA

Rhea-AI Summary

SG Blocks (NASDAQ: SGBX) has been selected as the exclusive manufacturer for Street Food USA to support its modular food hall rollout across the United States. The collaboration will utilize 35 SG Blocks modules, with the first site planned for the Southern United States. Street Food USA focuses on promoting local entrepreneurship and sustainable growth through independent kitchens. SG Blocks provides architectural design and engineering services, emphasizing their commitment to supporting small, innovative businesses.

Positive

• Exclusive partnership with Street Food USA for modular food halls.
• Initial design build contract utilizes 35 SG Blocks modules.
• Focus on local entrepreneurship and sustainable economic growth.

Negative

• Could face risks in meeting delivery timelines for modular units.
• Dependence on Street Food USA's success for future profitability.

Initial design build contract will employ 35 SG Blocks Modules

NEW YORK--(BUSINESS WIRE)-- SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of modular structures, announced today that SG ECHO has been selected as Street Food USA’s exclusive manufacturer in the United States for its national modular rollout of food halls.

SG ECHO Selected as Exclusive Manufacturer for Street Food USA (Photo: Business Wire)

Street Food’s expertise lies within defining concepts and locations for new, permanent food markets, with one of its original and most popular being in Europe, Aarhus Street Food, in Denmark.

Street Food USA establishes and manages street food markets that focus on local entrepreneurship, sustainable economic growth, and small business by bringing together independent owner-operated kitchens.

“After two and a half years of market research and dialogue with a handful of the leading experts within modular-construction, SG Blocks proved to be the perfect match for Street Food USA,” Thomas Bendtsen, Founder & CEO of Street Food USA noted. “We are excited that we are going to work side by side with SG Blocks in the years to come. Partners such as SG Blocks are the cornerstone of our strategy when rolling out our concept in the U.S.”

“We have a special soft spot for small and innovative businesses at SG Blocks. We couldn’t be happier to team up with Street Food USA to empower small kitchen owners and local business,” Paul Galvin, Chairman and CEO of SG Blocks explained. “SG Blocks’ capabilities truly allow for the kind of creative freedom that Street Food USA is looking for.”

While Street Food USA’s model can be deployed anywhere, its mission is locally anchored to contribute to gender, ethnic, and cultural diversity on the local level through food and unique dining experiences.

SG Blocks will provide architectural design, consulting, and engineering services for the project. The initial design build contract will employ 35 SG Blocks Modules. The first location planned is in the Southern United States. Updates are to follow as further details become available.

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 plans to roll out modular food halls for Street Food USA, with SG Blocks as designer, engineer, and architectural consultant. 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 provide Street Food USA with modular units 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, 2020 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/20210910005029/en/

Investors:

Stephen Swett

(203) 682-8377

investors@sgblocks.com

Source: SG Blocks, Inc.

FAQ

What partnership has SG Blocks entered into with Street Food USA?

SG Blocks has been selected as the exclusive manufacturer for Street Food USA's modular food hall rollout in the U.S.

How many modules will SG Blocks provide for the Street Food USA project?

SG Blocks will provide 35 modules for the initial design build contract.

Where is the first location planned for the Street Food USA food hall?

The first location is planned for the Southern United States.

What does Street Food USA aim to achieve with its food halls?

Street Food USA aims to promote local entrepreneurship and sustainable growth through independent kitchen collaborations.

What services will SG Blocks provide to Street Food USA?

SG Blocks will offer architectural design, consulting, and engineering services for the modular food halls.