MIAMI, Oct. 9, 2024
/PRNewswire/ -- Safe and Green Development Corporation (NASDAQ:
SGD) ("SG Devco" or the "Company") a leading real estate
development company focused on sustainable and eco-friendly
projects, is pleased to announce that it has accepted a preliminary
binding purchase commitment from Trio, as Program Administrator for
Choctaw American Insurance, Inc. ("Choctaw"), for its development
project in South Texas.
The sale of the first 5 homes, referenced in the commitment, is
expected to generate approximately $1,000,000 dollars in revenue for the Company.
The purchase commitment from Trio allows for a purchase of up to 14
homes within this planned development generating sales of
approximately $2,800,000. The
preliminary purchase commitment sets forth Trio's agreement on
behalf of Choctaw to purchase homes in the Company's South Texas development project, with exact
locations and pricing terms to be confirmed. Trio shall purchase a
maximum of 40% of the lots within a subdivision. The commitment
stipulates that each home sale shall be subject to the execution of
individual Purchase and Sale Agreements as well as the
identification of a Trio approved occupant. The commitment also
stipulates that each closing will occur within 14 days of the home
being deemed ready for occupancy.
SG Devco CEO, David Villarreal,
commented, "We are pleased to accept this preliminary purchase
commitment from Trio, which has over the course of 20 years helped
to provide more affordable options to Americans to access home
ownership. Securing this commitment is a clear indication of the
strong demand for single family housing in the region & marks
the first pre-sales in the Company's history. This purchase
commitment not only underscores the demand for quality housing in
South Texas but also solidifies SG
Devco's presence in the region with an additional go-forward
commitment of up to 250+ residential development lots. With the
pre-sale of the first five homes underway, we are excited to
continue developing the remaining lots and delivering on our vision
for the community. This milestone marks a significant step forward
in our long-term growth strategy."
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 a real estate AI Platform. The Platform
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.
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 plans to sell
homes in the Company's South Texas
development project to Choctaw, the sale of the first 5 homes
generating approximately $1,000,000
dollars in revenue for the Company, the planned development
generating sales of approximately $2,800,000, solidifying SG Devco's presence in
the region with an additional go-forward commitment of up to 250+
residential development lots, continuing to develop the remaining
lots and delivering on the Company's vision for the community and
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.
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 construct, complete
and sell to Trio, on behalf of Choctaw, homes in its South Texas development project as planned,
the Company's ability to create 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, the Company's ability to obtain the capital
necessary to fund its activities, 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.
For investor relations and media inquiries, please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461
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SOURCE Safe and Green Development Corporation