Followers | 196 |
Posts | 11504 |
Boards Moderated | 0 |
Alias Born | 11/29/2007 |
Friday, July 12, 2019 8:12:26 AM
Friday, July 12, 2019 8:00 AM
SG Blocks to own 50% membership interest in managing entity
NEW YORK, NY / ACCESSWIRE / July 12, 2019 / SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, fabricator and innovator of container-based structures (“SG Blocks” or the “Company”), today announced that it has, along with another investor, executed the governing company agreement for CPF GP 2019-1 LLC, a Texas limited liability company (“CPF GP”). The Company will have 50% membership interest in CPF GP. CPF GP is the managing member of CPF MF 2019-1 LLC (“Owner”), a Texas limited liability company which we anticipate will own the 302-unit multifamily project in Sullivan County, New York, and will oversee the development, leasing and management of the project.
“This agreement was a significant achievement and marks the first step in the rollout of our platform approach to projects in our backlog and pipeline that we believe will help accelerate revenue recognition on projects by SG Blocks,” commented Paul Galvin, Chairman and CEO of SG Blocks. “We anticipate that SG Blocks will retain equity ownership in the projects, thereby positioning our shareholders to benefit when the project is completed and ultimately sold.”
CPF GP is expected to contribute approximately 10% of the total equity capital in the project with the remaining 90% of equity capital to be contributed by investors that have been identified. The Company expects the governing company agreement of the Owner, along with the contractual equity commitment for the first phase of the project, to be executed imminently.
Projected Construction costs in the first phase of the project are approximately $22 million and the total construction costs of the project are approximately $55 million. SG Blocks expects to recognize revenue of approximately $13 million in the first phase with targeted gross profit margins of approximately $2.6 million.
The Company is expected to contribute approximately $1.3 million of its cash collected from the Monticello project to CPF GP.
The Company can provide no assurances that the operating agreement for the Owner will be executed, that the full equity and debt financing for the project or individual phases of the project will be obtained, or that the project or SG Blocks will achieve the financing and valuation projections described above.
Recent SGBX News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/30/2024 08:08:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/30/2024 08:01:41 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 08:32:28 PM
- Safe & Green Holdings Reports Second Quarter 2024 Results and Provides a Business Update • GlobeNewswire Inc. • 08/14/2024 08:30:44 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 08/13/2024 09:19:22 PM
- Safe and Green Holdings Announces Preliminary Term Sheet to Refinance Waldron Facility • GlobeNewswire Inc. • 08/12/2024 12:30:00 PM
- Correction: Safe & Green Holdings Corp. Announces Promotion of David Cross to Executive Vice President • GlobeNewswire Inc. • 08/08/2024 04:34:40 PM
- Safe & Green Holdings Corp. Announces Promotion of David Cross to Executive Vice President • GlobeNewswire Inc. • 08/08/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 09:24:06 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 08/02/2024 08:16:18 PM
- Safe & Green Holdings Announces Approval of 2024 Audit of ESR Certification • GlobeNewswire Inc. • 07/26/2024 12:30:00 PM
- Safe & Green Holdings Receives Extension to Regain Compliance with Nasdaq’s Minimum Stockholders’ Equity Requirement • GlobeNewswire Inc. • 07/25/2024 12:30:00 PM
- Safe & Green Holdings Engages Firm for Sales-Leaseback on Waldron Facility in Durant, OK • GlobeNewswire Inc. • 07/24/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/12/2024 03:46:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/12/2024 03:45:18 PM
- Safe & Green Holdings Announces Ceo Paul Galvin Elects to Receive Part of 2023 Performance Bonus in Shares • GlobeNewswire Inc. • 07/12/2024 12:30:00 PM
- Safe & Green Holdings Announces Record Date and Meeting Date for the 2024 Annual Shareholders Meeting • GlobeNewswire Inc. • 07/05/2024 10:50:00 PM
- Safe & Green Holdings Announces Expanded Agreement to Produce Modular Electrical Distribution Centers as Part of Multi-Unit Order for Big Box End User • GlobeNewswire Inc. • 06/25/2024 12:30:00 PM
- Safe & Green Holdings Announces Expanded Contract with a Government Contractor to Construct an Additional 11 Technology Modules • GlobeNewswire Inc. • 06/04/2024 12:30:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 06/03/2024 04:15:14 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 05/31/2024 08:38:33 PM
- Safe & Green Holdings Corp. Announces Promotion of David Cross to Senior VP of Sales and Business Development • GlobeNewswire Inc. • 05/29/2024 12:30:00 PM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 05/28/2024 08:59:17 PM
- Safe & Green Holdings Receives Crucial International Code Council (ICC), Recertification for Use of Shipping Containers in Modular Construction • GlobeNewswire Inc. • 05/24/2024 12:30:00 PM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 05/17/2024 08:16:06 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM