Safe and Green Development Corporation To Acquire 22 Single Family Lots in South Texas

MIAMI, Aug. 15, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG DevCo" or the "Company") announces the expansion of its joint venture project in Edinburg, Texas, after entering into an agreement to acquire 22 additional single-family lots. These lots are an addition to the previously announced acquisition of 5 lots in the same subdivision. This strategic move marks a significant step towards the Company's goal of capitalizing on the rapid growth in and around the Rio Grande Valley.

The acquired lots are expected to be permitted and the transaction is expected to close within the next 60 days, further strengthening SG DevCo's foothold in the South Texas real estate market. With this expansion, the company is poised to deliver all homes to customers by the end of Q2 2025.

David Villarreal, CEO of SG DevCo, expressed enthusiasm about the company's swift progress, stating, "This expansion is a testament to our unwavering dedication to propelling growth and delivering superior results. By pursuing lots that are ready for vertical construction, we aim to efficiently meet the demands of our customers while generating substantial revenue."

SG DevCo remains committed to its core values of sustainability and environmental consciousness. Each home constructed within this expansion project will continue to embody these principles, incorporating energy-efficient features and sustainable building practices.

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 acquiring 22 additional single-family lots in Edinburg, Texas, capitalizing on the rapid growth in and around the Rio Grande Valley, permitting the lots and closing the transaction within the next 60 days, further strengthening SG DevCo's foothold in the South Texas real estate market, being poised to deliver all homes to customers by the end of Q2 2025, dedication to propelling growth and delivering superior results, efficiently meeting the demands of customers while generating substantial revenue by pursuing lots that are ready for vertical construction, the commitment to the core values of sustainability and environmental consciousness, constructing each home within this expansion project incorporating energy-efficient features and sustainable building practices 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 acquire and develop the 22 additional single-family lots in Edinburg, Texas as planned, the Company's ability to capitalize on the rapid growth in and around the Rio Grande Valley, 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