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MIAMI, Oct. 9, 2024 /PRNewswire/ -- Safe and Green Development Corporation SGD ("SG Devco" or the "Company") a leading real estate development company focused on sustainable and eco-friendly projects, is pleased to announce that it has accepted a preliminary binding purchase commitment from Trio, as Program Administrator for Choctaw American Insurance, Inc. ("Choctaw"), for its development project in South Texas.

The sale of the first 5 homes, referenced in the commitment, is expected to generate approximately $1,000,000 dollars in revenue for the Company. The purchase commitment from Trio allows for a purchase of up to 14 homes within this planned development generating sales of approximately $2,800,000. The preliminary purchase commitment sets forth Trio's agreement on behalf of Choctaw to purchase homes in the Company's South Texas development project, with exact locations and pricing terms to be confirmed. Trio shall purchase a maximum of 40% of the lots within a subdivision. The commitment stipulates that each home sale shall be subject to the execution of individual Purchase and Sale Agreements as well as the identification of a Trio approved occupant. The commitment also stipulates that each closing will occur within 14 days of the home being deemed ready for occupancy.

SG Devco CEO, David Villarreal, commented, "We are pleased to accept this preliminary purchase commitment from Trio, which has over the course of 20 years helped to provide more affordable options to Americans to access home ownership. Securing this commitment is a clear indication of the strong demand for single family housing in the region & marks the first pre-sales in the Company's history. This purchase commitment not only underscores the demand for quality housing in South Texas but also solidifies SG Devco's presence in the region with an additional go-forward commitment of up to 250+ residential development lots. With the pre-sale of the first five homes underway, we are excited to continue developing the remaining lots and delivering on our vision for the community. This milestone marks a significant step forward in our long-term growth strategy."

About Safe and Green Development Corporation (SG Devco)

Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform. The Platform aims to decentralize the 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. MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses. MyVONIA aims to assist with managing both personal and professional tasks.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. 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 include statements regarding plans to sell homes in the Company's South Texas development project to Choctaw, the sale of the first 5 homes generating approximately $1,000,000 dollars in revenue for the Company, the planned development generating sales of approximately $2,800,000, solidifying SG Devco's presence in the region with an additional go-forward commitment of up to 250+ residential development lots, continuing to develop the remaining lots and delivering on the Company's vision for the community and 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.

For investor relations and media inquiries, please contact:

Barwicki Investor Relations

Andrew@Barwicki.com

516-662-9461

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SOURCE Safe and Green Development Corporation

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