SGB Development Corp. Issues Real Estate Lien Note on Lago Vista Site
July 20 2021 - 8:30AM
Business Wire
Company will use net loan proceeds of
$1,958,233 for development projects
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the
“Company”), a leading designer, innovator and fabricator of modular
structures, announced today that SGB Development Corp., a
subsidiary of SG Blocks, Inc. executed a real estate lien note in
the principal amount for $2,000,000 on its 50+ acre Lago Vista
project, located outside of the greater Austin, Texas area. The net
loan proceeds, after fees, are $1,958,233, and will be used for
growth capital for SGB Development Corp. projects.
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the full release here:
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SGB Development Corp. Issues Real Estate
Lien Note on Lago Vista Site. (Photo: Business Wire)
The Note has a term of one year and provides for payments of
interest only at a rate of twelve percent annum and may be prepaid
without penalty commencing nine months after its issuance date.
“We are happy to use the debt markets to leverage our
investments and greater SGB Development Corp. projects,” Paul
Galvin, Chairman and CEO of SG Blocks noted. “We remain very
excited about the Lago Vista project and greater Austin community,
and will continue to explore non-dilutive ways to increase growth
capital within our SG Blocks ecosystem.”
The Company will provide further updates as the project site in
Lago Vista advances.
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
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 use the net loan proceeds
from the loan for SGB Development Corp. projects and plans provide
further updates as the project site in Lago Vista advances. 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
develop its SGB Development Corp. projects 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210720005318/en/
Investors: Stephen Swett (203) 682-8377
investors@sgblocks.com
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