Safe & Green Holdings Secures $600,000 Advance Against the IRS Employee Retention Tax Credit Refund
26 Dezembro 2023 - 10:30AM
Business Wire
Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe &
Green Holdings” or the “Company”), a leading developer,
designer, and fabricator of modular structures for residential,
commercial, and point-of-care medicine, today announced the Company
has secured a $600,000 advance against the recently announced $1.5
million refund from the IRS for the Employee Retention Tax Credit
(ERTC), which is a refundable credit. The timing of the receipt of
the refund is unknown and is reliant upon the processing times of
the IRS and the Company’s Professional Employer Organization.
“This initial $600,000 advance against the $1.5 million refund
for the ERTC is non-dilutive and material to our business,” stated
Paul Galvin, Chairperson and CEO of Safe & Green Holdings. “The
advance will assist our efforts to capitalize on growth
opportunities, including ramping up our factories in preparation
for a significant purchase order the Company expects to receive in
the near future. We expect the investments in our manufacturing
made possible by this advance will not only support upcoming
projects, but also contribute to job growth within our local
communities.”
Tricia Kaelin, Chief Financial Officer at Safe & Green
Holdings, remarked, “With the advance on the ERTC, we can now
leverage a portion of this credit immediately, rather than waiting
an unspecified period to access the funds. In addition, we believe
we will be eligible to secure up to an additional $700,000 advance
against the ERTC."
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. The Company’s
subsidiary, 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 and operated by the SG Echo subsidiary. For more
information, visit https://www.safeandgreenholdings.com/ and follow
us at @SGHcorp on Twitter.
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 the tax credit reducing the need for
dilutive capital, the advance assisting the Company’s efforts to
maximize factory utilization, anticipated expenses associated with
a significant purchase order the expects to receive in the near
future and the ERTC helping the Company to continue to grow and
spur employment in its communities. 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, among others, the
Company’s ability to realize anticipated benefits from the advance,
the Company’s ability to continue to grow and spur employment in
its communities, the effect of government regulation, the Company’s
ability to maintain compliance with the NASDAQ listing
requirements, and the other factors discussed in the Company’s
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. 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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version on businesswire.com: https://www.businesswire.com/news/home/20231226018862/en/
Investor Relations: Crescendo Communications, LLC (212)
671-1020 sgbx@crescendo-ir.com
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