Safe & Green Holdings Corp. Announces New Contract Between Subsidiary SG Echo and Troy Vines

Rhea-AI Summary

Safe & Green Holdings has secured a new construction contract through its subsidiary SG Echo with Troy Vines, a Midland, Texas-based concrete supply business. The project involves rebuilding Troy Vines' overhead bin system at their Odessa, Texas plant.

This contract marks a strategic expansion following Safe & Green's recent County Line Industrial acquisition. The deal showcases synergies between SG Echo and the company's Olenox business, particularly in Texas oil and gas industrial markets.

CEO Michael McLaren highlighted that this agreement demonstrates the benefits of their recent County Line acquisition, noting opportunities both within and outside the oil and gas sector. The company aims to optimize operations through plant repairs and construction projects, focusing on expanding revenue opportunities and creating additional shareholder value through strategic acquisitions and network relationship growth.

Positive

• New construction contract secured with Troy Vines for rebuilding overhead bin system
• Strategic synergy between SG Echo and Olenox business in oil/gas industrial markets
• Early benefits realized from County Line Industrial acquisition
• Expansion into new business ventures and market opportunities
• Potential for additional revenue streams through plant repairs and construction projects

Negative

• Contract value and financial terms not disclosed
• Heavy dependence on Texas oil and gas market concentration

MIAMI, FL, April 29, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures, announces a new construction contract between the Company’s subsidiary, SG Echo, LLC (“SG Echo”) and Troy Vines, Inc. (“Troy Vines”), a Midland, Texas-based concrete supply business. 

Under the terms of the contract SG Echo is to rebuild Troy Vines’ overhead bin system at one of its Odessa, Texas plants. This contract represents a new business venture for SG Echo, which was facilitated by the Company’s recent County Line Industrial acquisition. The contract also represents synergies between the SG Echo and the Company’s Olenox business, where SG Echo can capitalize on opportunities in the oil and gas industrial markets, particularly in Texas.

Safe & Green Holdings CEO Michael McLaren commented, “We are already experiencing the benefits from our recent strategic acquisition of County Line with similar contracts to what we achieved with Troy Vines, where we are identifying providers both within our oil and gas customer base who have additional construction and repair needs, as well as outside that industry where we can help providers optimize operations through plant repairs and construction projects. We believe that there continues to be significant opportunity to expand our revenue opportunities while looking beyond the industry to create additional shareholder value. We look forward to continued growth both through this acquisition strategy and the expansion of relationships within our network.”

About Olenox Corp.

Olenox Corp. is an advanced energy company focused on oil and gas production, energy services, and energy technologies. Olenox specializes in acquiring and revitalizing distressed energy assets, leveraging proprietary technologies to enhance production while minimizing environmental impact.

About Safe & Green Holdings Corp.

Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.

Safe Harbor Statement

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. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the Company’s subsidiary, SG Echo, LLC, entering into a new construction contract with Troy Vines, Inc. While the Company 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 subject to various 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 successfully fulfill the construction contract with Troy Vines, Inc., the effect of government regulation, 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, 2024 and its 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.

Investor Relations:

CORE IR
516 222 2560
investors@safeandgreenholdings.com

FAQ

What is the new contract between SG Echo (SGBX) and Troy Vines in Texas for 2025?

SG Echo, a subsidiary of Safe & Green Holdings (SGBX), secured a contract to rebuild Troy Vines' overhead bin system at their Odessa, Texas plant. This contract represents a new business venture enabled by the recent County Line Industrial acquisition.

How does the Troy Vines contract benefit SGBX shareholders in 2025?

The contract creates additional shareholder value by expanding revenue opportunities beyond the oil and gas industry, leveraging synergies between SG Echo and Olenox business, and capitalizing on the recent County Line acquisition to secure similar construction contracts.

What markets will SGBX expand into through the Troy Vines contract?

Through this contract, SGBX is expanding into industrial plant repairs and construction projects, both within and outside the oil and gas sector in Texas, particularly focusing on providers who need construction and repair services.

What synergies does the Troy Vines contract create for SGBX's subsidiaries?

The contract demonstrates synergies between SG Echo and Olenox business units, allowing SGBX to leverage opportunities in the Texas oil and gas industrial markets while expanding into plant repair and construction services.

How is SGBX diversifying its business through the Troy Vines contract?

SGBX is diversifying by expanding from modular structures into industrial plant repairs and construction, utilizing their County Line Industrial acquisition to secure contracts with both oil and gas customers and other industrial providers.