Safe and Green Development Corp Reports Record Fiscal Year 2023 Financial Results and Provides a Business Update

MIAMI, Fla, March 28, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD)(“SG DevCo” or the “Company”), today reported financial results for the twelve months ended December 31, 2023.

David Villarreal, President & CEO of SG DevCo, stated, "I am pleased to announce 2023 progressed as we had planned and allowed us to execute on a number of initiatives and business plans we set forth prior to becoming a public company. We believe we have the foundation in place to capitalize on the real estate market from different angles, including but not limited to property ownership which has already resulted in land pre-development, the establishments of joint ventures, profitable land sales and the acquisition of software and technology designed to improve various aspects of the real estate industry.”

Highlights from 2023 and subsequent weeks include:

• Becoming a publicly traded company listed on the NASDAQ
• Received approval to purchase Right of Way Approval at Norman Berry village project in Atlanta, GA and Securing financing for Norman Berry expansion
• Acquired XENE Real Estate AI Software
• Announced Entry into Contribution Agreement to form a joint venture to develop the Lago Vista property
• Entered into a Contract to sell St Mary property for $1.35 million

Nicolai Brune, Chief Financial Officer of SG DevCo, stated, “For the year ended December 2023, we raised $4.5 million and our operating loss for the year was $3 million, of which $940 thousand is attributed to the non-recurring expenses associated with going public onto NASDAQ. We have and will continue to operate the business in a very prudent manner, which we believe will still allow us to expand organically, as we have done with most of our properties already. We will also continue to make strategic acquisitions if they become available and can be vertically integrated into our current operations and be immediately accretive. Lastly, while we did not generate revenue in 2023 as we ramped up into going public, we expect to generate recurring revenue starting in Q2 of 2024. We will aim to provide guidance towards the end of 2024.”

About Safe and Green Development Corporation
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. SG DevCo operates a flexible business model and will look to strategically monetize its assets via land sales, joint ventures and other initiatives. Additionally, a majority owned-subsidiary of SG DevCo, Majestic World Holdings LLC, is a proptech company that has created the XENE Platform. It is powered by advanced AI technology which 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.