MIAMI, Fla. , Oct. 04, 2023 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD)(“SG DevCo” or the “Company”), a leading real estate development company, recently spun off from Safe & Green Holdings Corp. (NASDAQ: SGBX) (“SG Holdings”), a leading developer, designer, and fabricator of modular structures for residential, commercial, and point-of-care medicine, today announced that David Villarreal, President & CEO of SG DevCo, as well as the management of both SG DevCo and SG Holdings, will be ringing the Nasdaq closing bell in Times Square, New York City, to celebrate the Company’s recent spin-off and subsequent listing on Nasdaq. The ceremony will take place on Thursday, October 12, 2023, beginning at approximately 3:50 PM ET and can be viewed live at https://www.facebook.com/Nasdaq.

David Villarreal, President & CEO of SG DevCo, commented, "It is both a privilege and a matter of pride for us to mark this pivotal moment in SG DevCo's journey by ringing the Nasdaq closing bell. With a robust project pipeline valued at over $800 million and a plan to develop more than 4,000 units, SG DevCo’s trajectory looks immensely promising.  We are more encouraged than ever by the outlook for the business.”

Paul Galvin, Chairman and CEO of Safe & Green Holdings, stated, “After a year of unwavering dedication from our team, we've successfully completed the spin-off of SG DevCo. We believe this will allow us to better focus our resources between the two distinct business models, as well as benefit from the synergies that will still exist between the two companies. As we navigate this new phase, we are extremely confident in the growth prospects for both companies.”

About Safe & Green Holdings Corp.

Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.

About Safe and Green Development Corporation

Safe and Green Development Corporation is a leading 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, sourced from one of SG Holdings’ factories operated by SG Holdings’ SG Echo subsidiary. More information about SG DevCo can be found at www.sgdevco.com.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding SG DevCo’s robust project pipeline valued at over $800 million and plans to develop more than 4,000 units; SG DevCo’s trajectory looking immensely promising; being encouraged by the outlook of SG DevCo’s business; the spin-off allowing us to better focus the companies’ resources between the two distinct business models, as well as benefitting from the synergies existing between the two companies; and the growth prospects for both companies. While SG DevCo and SG Holdings believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include but are not limited to other factors discussed in SG Holdings’ Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K and in the Form 10 registration statement filed by SG DevCo and its subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

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