Tailwinds’ Take: SGBX shares have been under tax-loss pressure as we end 2017, but business is booming. “Momentum with our sales is clearly accelerating as we close the fourth quarter of 2017″. Expect this divergence to end soon, as the market catches on to the potential here.
BROOKLYN, N.Y.– SG Blocks, Inc. (NASDAQ: SGBX), a premier designer, innovator and fabricator of container-based structures, has been engaged by a major professional sports league to design and fabricate a 19,940 square-foot athletic facility in West Africa. The containers will be fabricated in the USA and shipped to West Africa with expected completion in the second quarter of 2018. The new customer cited the company’s newly achieved ESR rating, sustainability, strength and efficiency as key factors for choosing SG Blocks maritime-grade structures for this project.
“We are excited to add another installation in Africa further demonstrating our penetration into international markets,” stated Paul Galvin, Chairman and CEO of SG Blocks. “Within the next six months, we will design and fabricate this massive sports facility, bringing it to market quicker and more efficiently versus any other form of construction. This is another project that exemplifies our ability to disrupt the construction industry.”
SG Blocks will provide the structure, utilizing its shipping containers as well as large-span steel trusses and fabric roofing. The truss assembly system will be fabricated in the United States and shipped to the final destination. A local general contractor will be responsible for the site work, foundations and final fit-out.
“Momentum with our sales is clearly accelerating as we close the fourth quarter of 2017,” continued Galvin. “In fact, we are now designing and building two modules for the U.S. Navy. These modules, expected to be delivered and installed in the first quarter of 2018, will be located at the Norfolk Naval Shipyard in Portsmouth, Virginia. Based on these new developments including our recently announced master purchase agreement with Kure, we are excited about the continued strong momentum in our backlog.”
SG Blocks has been publicly traded on the NASDAQ since June 2017. Founded in 2007, it utilizes code-engineered cargo shipping containers to construct and provide safe, strong and green structures and environments. SG Blocks has an exclusive ESR number, granted by the International Code Council (ICC) and held by no other container construction company, which ensures its ability to meet and exceed all international building codes. Clients have included Lacoste, Puma, Mini Cooper, Aman, Taco Bell, Marriott, Starbucks, Equinox and several branches of the U.S. military.
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 company 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, which is then customized to client specifications. For more information, please visit www.sgblocks.com.
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the SG Blocks’ filings with the Securities and Exchange Commission (the “SEC”) Thus, actual results could be materially different. SG Blocks expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Rubenstein Public Relations
MZ North America