Safe And Green Development Corporation Joins $400M Pigmental Studio Development

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has announced its participation in the $400M Pigmental Studios Development project in St Mary's, Georgia. The project aims to provide state-of-the-art infrastructure for high-quality media content production, including live action, visual effects, animation, and immersive storytelling experiences. SG Devco will contribute its expertise in sustainable construction practices to align with Pigmental's vision.

David Villarreal, CEO of SG Devco, expressed excitement about the collaboration, emphasizing the company's role in creating a world-class production studio that prioritizes sustainability. Marina Martins, CEO of Pigmental Studios, highlighted the importance of SG Devco's experience in sustainable practices for setting new industry standards. The construction of the Pigmental Studios Development is set to begin soon, with both companies looking forward to further updates on this collaboration.

Positive

• Participation in a large-scale $400M development project
• Expansion into the entertainment industry infrastructure sector
• Collaboration with an established studio, potentially leading to future projects
• Opportunity to showcase sustainable construction expertise in a high-profile project

Negative

• Property closing process still ongoing, indicating potential risks or delays
• No specific financial details or revenue projections provided for SGD's involvement

News Market Reaction

-16.35%

1 alert

-16.35% News Effect

On the day this news was published, SGD declined 16.35%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

MIAMI, July 22, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco" or the "Company") is thrilled to announce their participation in the $400M Pigmental Studios Development project set in St Mary's, coastal Georgia. While the property is currently in the process of closing, SG Devco is committed to collaborating closely with Pigmental Studios to ensure the success of this groundbreaking endeavor.

The Pigmental Studios Development project is intended to impact the entertainment industry by providing state-of-the-art infrastructure and resources for the production of high-quality media content in the live action, visual effects, animation, and immersive storytelling experiences. SG Devco will bring their expertise in sustainable construction practices, aligning with Pigmental's vision for this development project.

David Villarreal, CEO of SG Devco, expressed his excitement about this collaboration, stating, "We are honored to participate with Pigmental Studios in this venture. As a significant part of the team, we will participate in creating this world-class production studio that will not only contribute to the growth of the entertainment industry in Georgia but specifically prioritize sustainability. This collaboration showcases the strong working relationship we have built with Pigmental and our shared commitment to responsible excellence."

Marina Martins, CEO of Pigmental Studios, also shared her enthusiasm for the collaboration, saying, "Adding SG Devco to our team is a crucial step towards realizing our vision for the Pigmental Studios Development. With SG Devco's experience in sustainable practices, we are confident that this project will set thoughtful standards in the industry. We are excited to work together to provide a viable, sustainably aesthetic and collaboratively functional campus for artists and storytellers."

As the collaboration between SG Devco and Pigmental Studios continues to flourish, both companies look forward to the eminent commencement of construction for the Pigmental Studios Development. Stay tuned for further updates on this exciting collaboration.

About Safe and Green Development Corporation (SG Devco)

Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created the XENE Home Platform. It is powered by advanced AI technology which aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses. MyVONIA aims to assist with managing both personal and professional tasks.

About Pigmental Studios:

Pigmental Studios is a visionary production company dedicated to pushing the boundaries of creative immersive storytelling. By nurturing talented storytellers, artists and technicians, Pigmental Studios creates captivating experiences that captivate worldwide audiences, transporting them to extraordinary universes. By combining immersive technology, artistry, and storytelling, Pigmental Studios is the leading edge of the creative focused entertainment industry.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions, and include statements regarding collaborating closely with Pigmental Studios to ensure the success of the  Pigmental Studios Development project in St Mary's, Georgia while the closing of the property sale is pending, the Pigmental Studios Development project impacting the entertainment industry by providing state-of-the-art infrastructure and resources for the production of high-quality media content in the live action, visual effects, animation, and immersive storytelling experiences, creating a world-class production studio that will not only contribute to the growth of the entertainment industry in Georgia but specifically prioritize sustainability, the project setting thoughtful standards in the industry with SG Devco's experience in sustainable development practices, working together to bring creative ideas to life and provide a viable, sustainably aesthetic and collaboratively functional campus for artists and storytellers from around the world, working with the Development team led by Holder Properties, based on design work by architects, Gensler, to fulfill the joint mission of creating a nature forward, technologically cutting-edge production studio, the eminent commencement of construction for the Pigmental Studios Development and providing further updates on the collaboration with Pigmental Studios.

These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, and expected future developments, as well as other factors we believe are appropriate in the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to commence construction and work together with Pigmental Studios to complete the development of the  Pigmental Studios Development project in St Mary's, Georgia as planned, the ability of the Pigmental Studios Development project to impact the entertainment industry, the Company's ability to contribute to the growth of the entertainment industry in Georgia by creating a world-class production studio and prioritizing sustainability, the Company's ability to provide a viable, sustainably aesthetic and collaboratively functional campus for artists and storytellers from around the world, the Company's ability to obtain the capital necessary to fund its activities, the Company's ability to attract relevant stakeholders to join the project, the Company's ability to monetize its real estate holdings, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

View original content:https://www.prnewswire.com/news-releases/safe-and-green-development-corporation-joins-400m-pigmental-studio-development-302202669.html

SOURCE Safe and Green Development Corporation

FAQ

What is the value of the Pigmental Studios Development project that SGD is participating in?

The Pigmental Studios Development project that Safe and Green Development (SGD) is participating in is valued at $400 million.

Where is the Pigmental Studios Development project located?

The Pigmental Studios Development project is located in St Mary's, coastal Georgia.

What is SGD's role in the Pigmental Studios Development project?

SGD will contribute its expertise in sustainable construction practices to the Pigmental Studios Development project, aligning with Pigmental's vision for a sustainable and state-of-the-art production facility.

When is the construction of the Pigmental Studios Development expected to begin?

The press release indicates that the construction of the Pigmental Studios Development is set to begin soon, though a specific date is not provided.