BROOKLYN, N.Y.--(BUSINESS WIRE)--SG Blocks, Inc. (Nasdaq: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of container-based structures, today announced that it will begin production of a new container-based project in March.
This approximately $50,000 “Ranchbox” will be coming to the market via SG Residential, a premier provider of container based home solutions and a licensee of SG Blocks. The Ranchbox offers homebuyers and outdoor enthusiasts turn-key solutions for temporary and long term living that are durable, affordable and easily deployed in remote locations. The Ranchbox can function as a permanent home using city services or operate remotely “off the grid” with optional generators and portable water and waste systems for extended periods. In addition, their unparalleled strength and use of steel provides the most secure and weather resistant structures available today.
The home will be constructed out of SG Blocks’ signature GreenSteel™, utilizing Cortense steel, the structural core and shell of an SG Blocks building. Cortense steel provides the structures hurricane and earthquake resistance. With the increased intensity of extreme weather events, this resilient foundation for live-work environments has become more critical than ever. 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, ensuring its ability to meet and exceed all international building codes.
Paul Galvin, CEO of SG Blocks, commented, “This is another great example of SG Blocks, this time through our licensee SG Residential, using innovation to provide rapidly deployable solutions to address not only the affordable housing crisis but also a growing need for diverse types of homes. These structures are efficient and resilient, utilizing recycled components. They are intermodal, and can be installed in a single day with add-on capacity for future expansion. The well-documented housing crisis is out of control and, absent new solutions, will only worsen, creating public health issues and driving economic challenges for municipalities around the country. Our container-based offerings quickly and affordably address this situation, providing ideal solutions for millennials, seniors, ADU and rental markets. SG Residential provides a gentle and cost-effective new way for cities to address the housing crisis, changing the paradigm and avoiding the lengthy, politically-charged and inadequate solutions of the past.”
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.
Safe Harbor Statement
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 positioning SG Blocks for future profitability, lower capital requirements and the flexibility to focus more of the Company’s resources and efforts on new business development and lead generation for the benefit of future growth, the financial profile for the Company’s residential business including lower operating costs and requiring significantly less cash investment, while also lowering project-level execution risk, the Monticello and Ridge Avenue projects setting us on a path to being cash flow positive in 2020 and positive outcomes from this strategy becoming more evident in the Company’s financial statements in the next two to three quarters as these projects progress, being well-positioned to capitalize on new commercial and military opportunities. 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, the Company’s ability to position SG Blocks for future profitability, lower capital requirements and the flexibility to focus more of the Company’s resources and efforts on new business development and lead generation for the benefit of future growth, the Company’s ability lower operating costs and require significantly less cash investment, while also lowering project-level execution risk in the Company’s residential business, the Company’s ability to use the Monticello and Ridge Avenue projects to set us on a path to being cash flow positive in 2020, the Company’s ability to achieve positive outcomes from this strategy in the next two to three quarters as these projects progress, the Company’s ability to capitalize on new commercial and military opportunities, 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.