Tailwinds’ Take: this order is bigger than their market cap. Their backlog multiplied by their gross margin is bigger than their market cap. Can you say, “cheap stock?”
BROOKLYN, NY — SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, innovator and fabricator of container-based structures (“SG Blocks”), has secured a major workforce housing project in Sullivan County, New York, representing the second largest project in company history.
SG Blocks has been commissioned to design and build a four-building, 183,000-square foot multi-story, multi-family workforce housing development in Sullivan County, New York, representing an estimated revenue opportunity of $29 million. This complex will be built to house low- to middle-income households. SG Blocks will provide the services of a turn-key development manager for this project, including architectural engineering and design, project administration and building systems work.
The workforce housing development will target employees for a newly built $1.2 billion destination resort that includes: an 18-story hotel and a casino and entertainment complex with approximately 100,000 square feet of casino floor, an entertainment village, golf course and waterpark. The hotel and casino will feature more than 10 varied bar and restaurant experiences, including fine dining and an Italian steakhouse created by celebrity chef Scott Conant, and year-round live entertainment at the 2,500-seat event center.
“We are proud to announce another major workforce housing development project, representing the second largest in company history,” stated Paul Galvin, Chairman and CEO of SG Blocks. “The National Multifamily Housing Council expects that 4.5 million new apartments will need to be built in the U.S. by 2030, particularly in the affordable housing sector. Our modular approach to construction enables a faster time to market and notable cost savings for these types of projects, allowing innovative developers to rapidly address new market opportunities.
“Our growing construction backlog, which currently sits at 715,000 square feet, stands as a testament to the value that the market places on our technology, and we expect to recognize revenue from this project starting in the second half of 2018. We look forward to continuing to provide visionary developers with our eco-friendly, economical and safe housing alternative,” concluded Galvin.
Founded in 2007, SG Blocks was listed on Nasdaq in June 2017. It utilizes code-engineered cargo shipping containers to construct and provide safe, strong and green structures and environments. Instead of consuming new steel and lumber, the firm capitalizes on the structural engineering and design parameters a shipping container must meet and repurposes them for use in building. This unique methodology is transformative and delivers to its customers a sustainable and scalable solution that lowers their costs and increases lead-time to market. 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. SG Blocks is the only container-based construction firm to receive an Evaluation Service Report from the International Code Council for its structural building materials. 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 typically stronger buildings than most traditionally constructed buildings. 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, 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 SG Blocks’ filings with the Securities and Exchange Commission. Thus, actual results could be materially different from those described herein. 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
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