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MIAMI - Safe & Green Holdings Corp. (NASDAQ:SGBX) announced Wednesday that its wholly-owned subsidiary, Olenox Corp., has entered into a Purchase Agreement for a property in Conroe, Texas, according to a company press release.
The company plans to relocate its SG Echo factory operations from Durant, Oklahoma, to the new Conroe facility, consolidating manufacturing operations with those of Olenox Corp. The property includes office and warehouse space that will serve as the new consolidated operational hub.
The relocation aims to provide access to the Houston labor pool and better support Olenox’s oil and gas business in Texas. The property also includes buildings leased to third parties, which will provide an additional revenue stream.
"This move allows us to integrate SG Echo’s operations with Olenox, driving greater efficiency, reducing overhead, and increasing profit potential," said Tricia Kaelin, Chief Financial Officer.
Jim Pendergast, Chief Operating Officer, added that co-locating modular manufacturing with Olenox’s energy services will streamline logistics and resource sharing.
The company also plans to sell its Durant, Oklahoma property to generate working capital.
Safe & Green Holdings is a diversified holding company with interests in real estate, construction, healthcare, and energy sectors.
In other recent news, Safe & Green Holdings Corp. has been actively involved in several significant developments. The company disclosed that its subsidiary, Olenox Corp, has entered a purchase agreement to acquire property in Conroe, Texas, for $3 million. This acquisition is contingent on securing a third-party loan of $2.4 million with specific terms. In another development, Safe & Green’s subsidiary, SG Blocks, Inc., has reached a settlement agreement with EDI International, PC, and PVE, LLC, resolving all litigation between the parties. The settlement involves an undisclosed payment to SG Blocks, with both parties agreeing to dismiss all pending appeals.
Additionally, Safe & Green Holdings announced a collaboration with technology company OneQode to enhance infrastructure capabilities and operational efficiency. This partnership aims to integrate OneQode’s technology with Safe & Green’s expertise to optimize production processes. Furthermore, Olenox Energy, a subsidiary of Safe & Green, reported strong oil production in Texas, achieving significant milestones with over 3,000 barrels produced and more than 2,500 barrels sold. The subsidiary is on track for a record production month, reaching peak rates of 55 barrels per day. These recent developments highlight Safe & Green’s active engagement in strategic growth and operational enhancements.
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