Safe and Green Development Corporation Executes Contract to Sell Lago Vista Site

April 26, 2024

https://www.globenewswire.com/news-release/2024/04/26/2870519/0/en/Safe-and-Green-Development-Corporation-Executes-Contract-to-Sell-Lago-Vista-Site.html

MIAMI, Fla, April 26, 2024 (GLOBE NEWSWIRE) — Safe and Green Development Corporation (NASDAQ:SGD) (“SG Devco” or the “Company”) is pleased to announce the Company received and executed a commercial contract to sell the Company’s Lago Vista site to an unnamed buyer. The Lago Vista property is an approximately 60-acre waterfront property located on Lake Travis, Texas. After evaluating the current timeline of the joint offer and the purchase offer, the Company decided to sell the property to strategically reinforce its balance sheet. The closing of this transaction would result in approximately $5,000,000 of debt to be extinguished from the Company’s balance sheet and yield additional non-dilutive cash proceeds.

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