Safe and Green Development Corporation Expects to Close the Sale of St. Mary’s Site in May 2024

MIAMI, Fla, April 30, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) is pleased to announce it has entered into an amendment to its original contract for the sale of its St. Mary’s site to extend the closing date. After evaluating the current timeline, the closing of this transaction is expected by May 30, 2024, with the transaction potentially concluding as early as May 15th. This transaction will yield in excess of $1M in non-dilutive capital, bolstering the Company's operational capabilities.

Furthermore, the Company announced that the closing for this transaction will take place via SG Devco’s online real estate market platform, Xene Home. This platform offers a seamless and secure digital experience, seeking to revolutionize the way real estate transactions are conducted.

David Villarreal, CEO of Safe and Green Development Corporation, expressed his enthusiasm regarding the extension of the closing date, stating, “We are delighted to announce the extension of the closing date for the sale of our St. Mary’s site. This transaction represents a significant step forward for SG Devco, allowing us to unlock additional capital while focusing on our core business objectives. Additionally, we will recognize significant revenue in Q2 of 2024 as a result of this transaction. By utilizing our online real estate market platform, Xene Home, we are streamlining the transaction process, which should ensure a seamless experience for all parties involved.”

“The sale of the St. Mary’s property represents a strategic move that will strengthen SG Devco’s position in the market and allow us to capitalize on emerging opportunities. We remain committed to delivering exceptional experiences to our customers and partners, while maintaining a strong and sustainable financial position,” Villarreal continued.

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. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created the XENE Home 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.