Safe and Green Development Corporation Acquires XENE Real Estate AI Software

MIAMI, Fla, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”), today announced that it has closed on the previously announced acquisition of Majestic World Holdings (“MWH”), a real estate technology firm and owner of the Xene AI Software platform (“XENE Platform”).  The purchase price for the acquisition consists of an aggregate of $500 thousand in cash to be paid over 5 quarters and 500,000 shares of SG Devco restricted stock valued at $1.075 million, or $2.15 per share. Under the terms of the agreement, Matthew Barstow, MWH CEO & President will become Senior Vice President of Innovation at SG Devco. The acquisition is a milestone in the company’s short history and adds a new vertical to the SG DevCo portfolio. The addition of MWH diversifies SG DevCo’s business interests and adds a new source of potential revenue.

David Villarreal, President & CEO of Safe and Green Development Corporation, stated, “Majestic is an innovator in real estate technology with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies is expected to provide long-term value creation well in excess of what either company was capable of doing on a individually. We believe this transaction will immediately and in the long-term drive significant value to our shareholders.”

Matthew A. Barstow commented, “It is an honor to be part of the SG Devco family, to launch the Xene platform nationally and work alongside the wonderful people at SG Devco to develop new products that can improve all facets of the financial real estate industry. David has been helpful throughout this entire process with his patience and detail-oriented approach to every aspect of this process.”

The XENE Platform, powered by advanced AI technology, has the goal of creating a decentralized 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. This development is expected to significantly save time and resources for all parties involved. The XENE Platform is designed to streamline property transactions and offer a cost-effective alternative to traditional buyers' agent models. The platform is expected to launch during the first quarter of 2024.