Safe and Green Development Corp Provides Quarterly Business Update

MIAMI, Fla, April 17, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG DevCo” or the “Company”), is pleased to provide an update and strategy regarding the operations of the business.

“Dear Shareholders,

On behalf of SG DevCo, I would like to present you a quarterly business update. We intend to provide you with an update like this shortly after the end of each fiscal quarter. As the Company evolves, we know it is important to communicate to our shareholders as often as possible.

We would also like to provide clarity as to our ambitions for the upcoming year. Our real estate assets, as previously mentioned, have appreciated significantly since the time we purchased them. We will continue to be opportunistic and creative in our strategies to monetize our current asset base. The combined value of which, per our appraisals, is significantly above our current market cap.

Although the macro-economic environment has created a more challenging landscape for real estate development, we remain committed to delivering as much value as possible from our asset base.

We are very excited to announce the public launch of our Xene Home platform shortly. After considerable due diligence we have invested in this software and the associated AI tools to provide value to our subscriber members. This business is expected to generate recurring revenue throughout the second quarter. From this platform we anticipate being able to generate additional revenue streams through services such as home warranty, home insurance and mortgage financing.

There is a clear alignment between the Xene Home platform and our future real estate development opportunities. We intend to use the Xene Home website and network to market our future projects and units.

While we build this out, we will continue to keep an eye on the technological landscape and take advantage of future opportunities to increase our presence and foothold in the industry. The goal of this is to create a sustainable business with a solid asset base and diversified streams of revenue from both development and technology.

Thank you, as always, for your support.

David Villarreal, CEO.”

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.