Safe & Green Holdings Corp. Provides Update on Planned Manufacturing Facility in McLean, Oklahoma
New facility to be located adjacent to Magnolia Residential project and in close proximity to key markets of Dallas and Oklahoma City
MIAMI, July 18, 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 provided an update on its planned McLean Manufacturing facility, located in McLean, Oklahoma, and reported it is now in the design phase of the project.
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Rendering for the McLean Manufacturing facility (Photo: Business Wire)
The total property is approximately 1.1 million square feet, of which approximately 120,000 square feet will be used for the new manufacturing facility, while the additional property will be used to support distribution, cold storage, industrial and other uses in the near future. As current client relationships expand and new project work is acquired, both internally and externally, the Company foresees the need for multiple factory campuses and additional square footage.
The new facility will be located adjacent to the Magnolia Residential project, both located on a 114-acre site owned by the Company. The new facility is intended to support manufacturing for the 800 residential units to be built at the Magnolia Residential project, as well as serve SG Echo’s manufacturing needs in Dallas, Oklahoma City, and other nearby markets. As previously reported, the Company has over 4,000 units in various stages of development. The Company is also advancing a variety of non-dilutive funding options to support construction of the facility.
Paul Galvin, Chairman and CEO stated, "We are making rapid progress on our third manufacturing facility, which is intended to support the growing demand and robust project pipeline for our state-of-the-art modular construction. Importantly, this initiative not only demonstrates the scalability of our business model, but also anticipates the extra demand for construction capacity that we believe we will need after the anticipated spin-out of SG DevCo into an independent listed Nasdaq company later this year."
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. The Company’s subsidiary, Safe and Green Development Corporation, is a leading 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, sourced from one of Safe & Green Holdings’ factories and operated by the SG Echo subsidiary. For more information, visit www.safeandgreenholdings.com and follow us at @SGHcorp on Twitter.
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 McLean property which will be used for the new manufacturing facility, while the remaining property will be used to support distribution, cold storage, industrial and other uses in the near future; the new facility is intended to support manufacturing for the 800 residential units to be built at the Magnolia Residential project, as well as serve SG Echo’s manufacturing needs in Dallas, Oklahoma City, and other nearby markets; the Company is advancing a variety of non-dilutive funding options to support construction of the facility; the facility is intended to support the growing demand and robust project pipeline for our state-of-the-art modular construction; and that this initiative demonstrates the scalability of our business model, but also anticipates the extra demand for construction capacity that we believe we will need after the anticipated spin-out of SG DevCo into an independent listed Nasdaq company later this year. 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 construct the McLean Manufacturing project as planned, the Company’s ability to construct the Magnolia Residential project 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, 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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Contacts
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