Safe and Green Development Corporation Announces Update on LOI for Acquisition of Xene Real Estate AI Software
04 Janeiro 2024 - 11:00AM
Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or
the “Company”) is pleased to announce an update to the previously
announced proposed investment in Majestic World Holdings (“MWH”), a
real estate technology firm and owner of the Xene AI Software
platform (“XENE Platform”). After conducting initial due diligence,
the Company has negotiated a complete acquisition of Xene Platform
along with its parent company MWH. The company will look to
complete the acquisition by the end of the first quarter subject to
final approval by the Board of Directors and execution of
definitive documents.
The XENE Platform, powered by advanced AI technology, has the
goal of creating a decentralized 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. This
development is expected to significantly save time and resources
for all parties involved. The XENE Platform streamlines property
transactions, offering a cost-effective alternative to traditional
buyers' agent models.
The XENE Platform completed a successful BETA launch earlier in
2023 and MWH has already started generating revenues. The XENE
Platform is expected to launch to the public within the first
quarter of 2024.
David Villarreal, President & CEO of Safe and Green
Development Corporation, stated, “The successful BETA run earlier
in 2023 has given us the confidence to move forward with a complete
acquisition of the XENE Platform. This unique platform is expected
to save banks and financial institutions time and money on
foreclosure listings by leveraging the technology, property
preservation, eviction, listing and sales, title, home warranty and
homeowners’ insurance all in one place. We look forward to adding
this line of business and diversifying our business portfolio.”
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 Safe & Green Holdings
Corp’s factories operated by SG Holdings’ SG Echo subsidiary. More
information about SG DevCo can be found
at www.sgdevco.com.
Safe Harbor Statement Statements in this press
release that are not strictly historical in nature are
forward-looking statements. These statements are only predictions
based on current information and expectations and include
statements regarding the proposed acquisition of MWH and the
XENE Platform and the timing thereof; creating a decentralized 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; significantly saving time and resources for
all parties involved; the timing of the launch of the XENE
Platform; and the expectation that the XENE Platform will save
banks and financial institutions time and money on foreclosure
listings by leveraging the technology, property preservation,
eviction, listing and sales, title, home warranty and homeowners’
insurance all in one place. Actual events or results may differ
materially from those projected in any of such statements due to
various factors, including the Company’s ability to acquire MWH as
planned; the Company’s ability to achieve the expected benefits of
the proposed acquisition of MWH and other factors discussed in the
Company’s Form 10 registration statement and its subsequent filings
with the SEC. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement and Safe and Green
Development Corporation undertakes no obligation to revise or
update this press release to reflect events or circumstances after
the date hereof.
For investor relations and media inquiries, please
contact: Barwicki Investor Relations Andrew@Barwicki.com
516-662-9461
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