MIAMI, Jan. 30,
2025 /PRNewswire/ -- Safe and Green Development
Corporation (NASDAQ: SGD) ("SGD" or the "Company")
today announced the resolution of certain inter-company financial
obligations with Safe & Green Holdings Corp. (SGBX).
Under the terms of the agreement, SGD has forgiven and released
SGBX from obligations under a promissory note dated August 9, 2023, with a principal amount of
$908,322.95 and intercompany advances
of $815,522 (which SGD had previously
written off its balance sheet as of 12.31.23) in exchange for SGBX
forgiving $394,329 of inter-company
debt owed to SGBX by SGD and for SGBX transferring 276,425 shares
of SGD Common Stock owned by SGBX to SGD. SGD currently plans to
hold such shares in its treasury. As a result of this agreement,
SGBX will no longer be a stockholder of SGD.
"We are pleased to have reached this resolution, which cleans up
our balance sheet, reduces the amount of shares outstanding and
potentially reduces future dilution as the Company will have the
ability to reissue these shares in future transactions," said
David Villarreal, CEO of Safe and
Green Development Corporation.
About Safe and Green Development Corporation (SG
Devco)
Safe and Green Development Corporation is a real estate
development company. Formed in 2021, it focuses primarily on the
direct acquisition and indirect investment in properties nationally
that will be further developed in the future into green single or
multi-family projects. Additionally, a wholly-owned subsidiary of
SG DevCo, Majestic World Holdings LLC, is a prop-tech company
that has created a real estate AI Platform the Company uses to
strategically increase the margins on homes sold by facilitating
mortgage services and down payment assistance. MyVONIA Innovations
LLC, a wholly owned 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.
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 hold the returned shares
in treasury and potentially reducing future dilution as the
Company will have the ability to reissue the returned shares in
future transactions
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 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
