SG Blocks Evaluating Possibility of Becoming a Qualified Opportunity Zone Business
NEW YORK--(BUSINESS WIRE)-- SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, fabricator and innovator of container-based structures (“SG Blocks” or the “Company”), today announced that its management team, working with its Board of Directors and legal advisors, has commenced a process to explore and evaluate whether to become a qualified opportunity zone business under the Internal Revenue Code.
Paul Galvin, Chairman and CEO of SG Blocks, commented, “We believe becoming a qualified opportunity zone business could provide benefits to the Company its stockholders and its customers. We are evaluating the strategic and operational impact on the business, the impact on stockholders and the structure of the Company’s equity interest in the Monticello project, timing, and other relevant factors and anticipate making a determination during the third quarter 2019.”
There can be no assurance that this evaluation process will result in the Company becoming a qualified opportunity zone business. The Company does not intend to update the market with any further information on the process unless or until the Board of Directors has made a specific determination or otherwise deems disclosure to be appropriate or necessary.
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.
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," “target” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. 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 based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in SG Blocks' filings with the Securities and Exchange Commission. Thus, actual results could be materially different. SG Blocks expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Rubenstein Public Relations
Source: SG Blocks, Inc.
Released July 26, 2019