SG Residential Closes on First Project Site in Puerto Rico
NEW YORK--(BUSINESS WIRE)-- SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, innovator and fabricator of container-based structures, continues to advance its agenda of delivering affordable housing and today announced that its licensee, SG Residential, has closed on the site and plans to commence construction of two projects in Puerto Rico to help address the housing crisis following Hurricane Maria in 2017.
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SG Residential has acquired a development site in Guayama, Puerto Rico, where it expects by the end of Q1 2020 to commence work to complete and bring to market 55 concrete shells and construct 128 new three-bedroom, two-bathroom homes.
SG Blocks has obtained the approval from the Commonwealth of Puerto Rico for use of its innovative, container-based product in Puerto Rico.
“Our product offers an ideal environmental solution for the region, since it is hurricane and earthquake resistant,” said Paul Galvin, Chairman and CEO of SG Blocks. “Designed with the harshest of physical environments in mind, our container-based units can withstand extreme weather and provide residents with safe, enduring homes.”
SG Blocks utilizes code-engineered cargo shipping containers to construct and provide safe, durable and environmentally-friendly structures. It has an exclusive ESR number, which was granted by the International Code Council, supporting its ability to meet and exceed all international building codes.
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.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions and includes statements regarding plans to commence construction of two projects in Puerto Rico, completing and bringing to market 55 concrete shells and constructing 128 new three-bedroom, two-bathroom homes and the commencement of completion of the shells in Q1 2020. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of 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, regarding the Company’s ability to complete the projects in Puerto Rico as planned, the Company’s ability to position SG Blocks 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, 2018 and the Company’s 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.
Rubenstein Public Relations
Source: SG Blocks, Inc.
Released March 12, 2020