Safe & Green Holdings Corp. Announces Letter of Intent to Sell Lago Vista Site for $12.5 Million
MIAMI, June 15, 2023--(BUSINESS WIRE)--Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures for residential, commercial, and point-of-care medicine, today announced that it has entered into a letter of intent ("LOI") to sell its Lago Vista site for $12.5 million. The Company initially acquired the property in 2021 for $3.5 million.
"We are pleased to have executed this LOI for the sale of our Lago Vista site," said Paul Galvin, Chairman and CEO of Safe & Green Holdings. "The planned sale of this property illustrates our ability to maximize and monetize assets, and should significantly enhance our balance sheet. In turn, this infusion of non-dilutive capital should allow us to capitalize on new and exciting projects underway, which we believe will help accelerate growth and drive profitability. We believe that this is an excellent outcome for both the Company and our shareholders."
The LOI is non-binding and subject to a number of conditions, including execution of a final purchase and sale agreement. The Company expects to provide further updates on the sale process as they become available.
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. Safe and Green Development Corporation is a leading real estate development company. Formed in 2021, the company focuses on the development of sites using purpose built, prefabricated modules built from both wood & steel, sourced from one of Safe & Green Holdings factories and operated by SG Echo. For more information, visit www.safeandgreenholdings.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 the Company’s plans to sell its Lago Vista site for $12.5 million, the sale illustrating the Company’s ability to maximize and monetize assets and significantly enhance the Company’s balance sheet, the infusion of non-dilutive capital allowing the Company to capitalize on new and exciting projects underway to help accelerate growth and drive profitability, the sale being an excellent outcome for both the Company and its shareholders and providing further updates on the sale process as they become available. While the Company 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 sell its Lago Vista site for $12.5 million as planned, the Company’s ability to capitalize on new projects underway to accelerate growth and drive profitability, the Company’s ability to spin out Safe and Green Development Corporation as planned, the Company’s ability to expand within its various verticals, 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, 2022 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.
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