MIAMI, Fla, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) is pleased to announce an update to the previously announced proposed investment in Majestic World Holdings (“MWH”), a real estate technology firm and owner of the Xene AI Software platform (“XENE Platform”). After conducting initial due diligence, the Company has negotiated a complete acquisition of Xene Platform along with its parent company MWH. The company will look to complete the acquisition by the end of the first quarter subject to final approval by the Board of Directors and execution of definitive documents.
The XENE Platform, powered by advanced AI technology, has the goal of creating a decentralized real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. This development is expected to significantly save time and resources for all parties involved. The XENE Platform streamlines property transactions, offering a cost-effective alternative to traditional buyers' agent models.
The XENE Platform completed a successful BETA launch earlier in 2023 and MWH has already started generating revenues. The XENE Platform is expected to launch to the public within the first quarter of 2024.
David Villarreal, President & CEO of Safe and Green Development Corporation, stated, “The successful BETA run earlier in 2023 has given us the confidence to move forward with a complete acquisition of the XENE Platform. This unique platform is expected to save banks and financial institutions time and money on foreclosure listings by leveraging the technology, property preservation, eviction, listing and sales, title, home warranty and homeowners’ insurance all in one place. We look forward to adding this line of business and diversifying our business portfolio.”
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