Safe & Green Holdings CEO Provides Letter to Shareholders
03 Gennaio 2024 - 2:30PM
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 the following letter to
stockholders from Paul Galvin, the Company’s Chairperson and CEO:
Dear Stockholders,
We are pleased to share with you the significant
milestones and exciting developments that Safe & Green Holdings
accomplished in 2023 as well as take a look at what we believe is a
very promising future for the Company in 2024.
2023 Highlights:
- Completed the spin-off of the Company’s real estate development
subsidiary, Safe and Green Development Corporation (NASDAQ:
SGD)
- Collaboration with Earth Our Common Home (ECHo) to launch the
ECHo Impact Investment Fund for Africa
- Entered into a Master Purchase Agreement with Safe and Green
Development Corporation for manufacturing projects initially valued
in excess of $140 million
- Achieved record growth in manufacturing sales pipeline
- SGD entered into a contribution agreement to form a Joint
Venture to develop the Lago Vista property
- SG Echo awarded a multi-million-dollar contract to supply
additional modular units to a long-standing private infrastructure
solutions client
- Selected by the Tunnel to Towers Foundation to construct a
traveling modular home, the Comfort Home Show model, designed to
showcase the foundation’s Homeless Veteran Program
- Partnered with Impact Housing to construct 3 modular Comfort
Homes for the Foundation in Houston, Texas
- Announced launch of CORNERSTONE Charitable Foundation and plans
to construct a schoolhouse in Cape Coast, Ghana, as part of the
Ghana’s Tomorrow Project
- Obtained a certificate of occupancy for the SG Echo at Waldron
facility
- Planned McLean manufacturing facility now in the design
phase
- Identified reduction of over $2.5 million in annualized
expenses expected to be realized in 2024
As you can see from the list of highlights
above, 2023 was a busy and exciting year for Safe & Green
Holdings, including the spin-off of Safe and Green Development
Corporation. (SG DevCo) into a separate, publicly traded entity,
which involved more than a year of dedicated effort and hard work
from the Safe & Green team. With a robust construction pipeline
exceeding $800 million and record growth, we have expanded our
manufacturing capabilities to meet the increasing demand. We
entered into a Master Purchase Agreement (MPA) with SG DevCo to
produce modular units, anticipating over $140 million in
manufacturing revenue. The significance of the MPA lies in its
potential to escalate our factory utilization rate close to 100%,
subject to adequate financing. Furthermore, our Waldron
Manufacturing site received its certificate of occupancy, enhancing
our production capabilities. The Company now operates two
factories, with a third, the McLean manufacturing facility in the
design phase and a fourth in the planning phase. Upon completion,
these facilities are poised to offer the Company more than 360,000
square feet of manufacturing space within the U.S., bolstering
domestic employment. Given this projected growth, as well as the
scalability of our manufacturing operations, and cost reductions to
focus on our most profitable operations, we expect our cash flow
will continue to improve throughout the balance of the year and
beyond.
Looking towards 2024, the prospects for Safe
& Green Holdings are promising thanks to our current
involvement in numerous projects. Our revenue from manufacturing
and construction services has grown substantially and we are
confident in the scalability of our business model and eager to
continue expanding our presence across the United States. The
outlook for the Company is bright, and we remain dedicated to
managing our expenses wisely and enhancing stockholder value for
our long-term stockholders. I want to express my heartfelt
gratitude to our Board of Directors and the entire Safe & Green
Holdings team for their relentless efforts and significant
contributions to the Company's achievements over the past year.
Last, but certainly not least, I would like to
thank our loyal stockholders for your trust and support as we
continue on this exciting journey together.
Paul Galvin
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 SG Holdings’
factories and operated by the SG Echo subsidiary. For more
information, visit https://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 promising future for 2024, planned
launch of the ECHo Impact Investment Fund for Africa; the planned
McLean manufacturing facility, the reduction of over $2.5 million
in annualized expenses expected to be realized in 2024; the
construction pipeline; plans related to factories and level of
factory utilization including the $140 million in anticipated
manufacturing revenue, the potential to escalate the factory
utilization rate close to 100%, subject to adequate financing;
projected growth; planned cost reductions; the Company being
cash flow positive within the first 100 days of 2024 and generating
meaningful cash flow throughout the balance of the year and beyond;
the scalability of the business model and expansion of the
Company’s presence across the United States, the Company’s
prospects being promising; the Company’s outlook being bright and
enhancing stockholder value. . 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 complete the launch of the ECHo Impact Investment Fund for
Africa; the Company’s ability to complete the construction and
expansion of its manufacturing facilities as planned; the Company’s
ability to achieve a factory utilization rate as planned; the
Company’s ability to reduce its annualized operating expenses and
generate meaningful positive cash flow as planned; the Company’s
ability to be adequately financed,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.
Investor Relations:
Crescendo Communications, LLC(212)
671-1020sgbx@crescendo-ir.com
- Safe & Green Holdings’ Modular Manufacturing Facility
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