- Projects Expected to Generate Roughly $1.7
Million in Combined Revenue -
SG Blocks, Inc. (Nasdaq: SGBX) ("SG Blocks" or the "Company"), a
leading designer, innovator and fabricator of modular and
container-based structures, today announced three development
projects to be undertaken at its SG ECHO modular/container
manufacturing facility in Durant, Oklahoma. In September 2020, SG
Blocks closed on the purchase of most of the assets of ECHO DCL,
which specializes in the design and construction of permanent and
temporary modular buildings. These projects are expected to
generate approximately $1.7 million in aggregate revenue to the
Company and join the previously announced projects being fabricated
at the facility, including the approximately $4.0 million in
aggregate revenue mixed-used South Florida hospitality project
announced by the Company on July 6, 2020 and the approximately $2.9
million in aggregate revenue SG ECHO New Mexico project announced
on September 28, 2020.
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the full release here:
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Rendering of a planned SG Blocks project
(Photo: Business Wire)
“We are very pleased to announce these three construction
projects, underscoring the true benefit of our investment in the
ECHO DCL facility,” stated Paul Galvin, Chairman and CEO of SG
Blocks. “As we said when we announced the acquisition of ECHO DCL,
we believe it offers us an opportunity to vertically integrate a
large portion of our cost of goods sold, as well as increase
margins, productivity and efficiency in the areas of design,
estimating, manufacturing and delivery. We see tremendous momentum
across our businesses as these announcements indicate, and look
forward to completing and delivering these durable and
environmentally sustainable buildings.”
The projects announced today include: i) an engagement to
provide an approximately 2,000 square foot COVID rapid response
facility in Minnesota, with a target completion date of Q4 2020;
ii) an agreement to provide multiple buildings totaling
approximately 18,000 square feet in the southeast, with a target
completion date of Q4 2020, and; iii) an engagement to deliver a
3,000 square foot administrative security building in Arizona, with
a target completion date of Q1 2021.
The SG ECHO manufacturing facility, located in Durant, Oklahoma,
is a two-building, 70,000 square foot modular manufacturing
facility. Since inception, the ECHO DCL facility has catered to the
space needs of major markets, including military, education,
administration facilities, health care, government, commercial and
residential manufacturing, and SG Blocks expects to continue to
support these and other industries with its container-based modular
units.
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 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 the three development
projects to be undertaken at the SG ECHO modular/container
manufacturing facility in Durant, Oklahoma, the projects generating
approximately $1.7 million in aggregate revenue to the Company, the
$4.0 million in aggregate revenue mixed-used South Florida
hospitality project announced by the Company on July 6, 2020, the
$2.9 million in aggregate revenue SG ECHO New Mexico project
announced on September 28, 2020, the acquisition of ECHO DCL
offering the Company an opportunity to vertically integrate a large
portion of its cost of goods sold, as well as increase margins,
productivity and efficiency in the areas of design, estimating,
manufacturing and delivery. 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 complete
construction of the three development projects to be undertaken at
the SG ECHO modular/container manufacturing facility as planned and
generate approximately $1.7 million in aggregate revenue to the
Company, the Company’s ability to complete construction of the
mixed-used South Florida hospitality project announced on July 6,
2020 as planned and generate approximately $4.0 million in
aggregate revenue to the Company, SG ECHO’s ability to complete
construction of the New Mexico project announced on September 28,
2020 as planned and generate approximately $2.9 million in
aggregate revenue, the Company’s ability to vertically integrate a
large portion of its cost of goods sold, as well as increase
margins, productivity and efficiency in the areas of design,
estimating, manufacturing and delivery 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, 2019 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/20201020005423/en/
Media Rubenstein Public Relations: Christina Levin Vice
President 212-805-3029 clevin@rubensteinpr.com
Investor Relations ICR Stephen Swett (203) 682-8377
investors@sgblocks.com
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