SG Blocks Executes Contract to Acquire Manufacturing Facility
03 Junho 2021 - 9:30AM
Business Wire
Closing scheduled to occur in 60 days, owner
financing is in place. This will serve as the Company’s second
manufacturing space in Oklahoma
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a
leading designer, innovator and fabricator of container-based
structures, announced today that it has entered into contract to
acquire an additional manufacturing facility in anticipation of
rising demand for internal and external projects. The facility is
located in Durant, OK, and will add to the Company’s manufacturing
capacity.
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the full release here:
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Aerial view of Durant facility. (Photo:
Business Wire)
“We are pleased with our experience in Oklahoma and in the
Durant Community. Our desire to expand here is based upon our
satisfaction with the spirit and quality of the workforce. As we
continue to grow and earn further new business, we have been
fortunate to meet that growth with the proper facilities in
Oklahoma and elsewhere,” Paul Galvin, Chairman and CEO
explained.
The space is approximately 55,000 SF and sits on approximately
seven acres of land in Durant Industrial Park. The facility is
adjacent to the regional airport. This will serve as the second
facility that SG Blocks has obtained, since recently adding the
original SG Echo factory.
The new facility will allow SG Blocks to run two additional
production lines in parallel to support SGB DevCorp as well as SG
Echo in tandem.
The Company had previously announced it intended to exercise its
option to acquire the existing 19-acre site and all of its
structures from ECHO DCL, LLC with closing to occur in the second
quarter of 2021. The Company has decided not to move forward with
the option at this time and will continue to lease the original
ECHO plant under the 5-year lease term. The Company will redeploy
capital allocated for the original ECHO DCL real estate purchase
into the newly acquired facility.
“We believe redeploying the capital allocated for the original
ECHO DCL real estate purchase into the newly acquired facility
provides better value for us and look forward to having additional
lines coming on board to support demand. We have found a capable
and enthusiastic workforce as we look to deliver safe and green
structures across the country,” Bill Rogers, COO of SG Blocks
said.
The Company expects to announce the closing of the contract in
August 2021.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and
promoting the use of code-engineered cargo shipping containers for
safe and sustainable construction. The firm offers a product that
exceeds many standard building code requirements, and also supports
developers, architects, builders and owners in achieving greener
construction, faster execution, and stronger buildings of higher
value. Each project starts with GreenSteel™, the structural core
and shell of an SG Blocks building, and then is customized to
client specifications. For more information, visit
www.sgblocks.com.
Safe Harbor Statement
Forward-Looking Statements 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 plans to acquire the
additional manufacturing facility in Durant, OK in 60 days. While
SG Blocks believes 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, among others, the Company’s ability to
acquire the additional manufacturing facility in 60 days as
planned, the Company’s ability to position itself for future
profitability, 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, 2020 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/20210603005309/en/
Investors: Stephen Swett (203) 682-8377
investors@sgblocks.com Source: SG Blocks, Inc.
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