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SG ECHO Selected as Manufacturer for a United States Military SCIF (Sensitive Compartmented Information Facility)
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
SG Blocks (NASDAQ: SGBX) announced that its manufacturing facility, SG ECHO, has been selected to produce a secured pre-fabricated facility for a U.S. Military SCIF. This new contract supports a prime bid won by a leading contractor. Located in Durant, Oklahoma, SG ECHO spans approximately 70,000 square feet and has served various markets, including military and government. The facility is set to be completed in Q1 2022. The company aims to leverage this project to expand its presence in military and federal contracts.
Positive
Awarded contract for U.S. Military SCIF, indicating strengthened government business ties.
Expansion of SG ECHO manufacturing facility capabilities for future military contracts.
Negative
Completion of the SCIF is not guaranteed within the projected timeframe of Q1 2022.
Potential risks related to the company's ability to secure additional military contracts.
The Company seeks to expand its government business roster with new prime contractor
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, SG Blocks’ owned and operated manufacturing facility which specializes in the design and construction of permanent modular and temporary modular buildings, has been selected as manufacturer by a leading contractor for a United States Military SCIF, in support of the contractor winning a prime bid.
SG ECHO is located in Durant, Oklahoma, and consists of a two-building, approximately 70,000 square foot modular manufacturing facility. Since inception, the ECHO facility has catered to the needs of major markets, including military, education, administration facilities, health care, government, commercial and residential manufacturing.
SG ECHO is building a secured pre-fabricated facility for a government entity and is expected to be completed in the first quarter of 2022.
“We look forward to fabricating this secured facility for the US Military,” Bill Rogers, COO said. “We greatly appreciate the opportunity to expand our work for the armed forces of the United States.”
SG Blocks aims to make current and future manufacturing space available for military and federal contracts as well as any projects associated from the recently passed infrastructure bill.
The Company will provide further updates on this governmental project as able.
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 United States Military SCIF in the first quarter of 2022, plans to make current and future manufacturing space available for military and federal contracts as well as any projects associated from the pending infrastructure bill, and providing further updates on the project when able. 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 United States Military SCIF in the first quarter of 2022, the Company’s ability to make current and future manufacturing space available for military and federal contracts, the Company’s ability to provide further updates as planned, 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, 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.
