SGD appoints three new board members following acquisition

Published 20/06/2025, 13:38
SGD appoints three new board members following acquisition

MIAMI - Safe and Green Development Corporation (NASDAQ:SGD), currently trading at $0.97 and down over 88% in the past year, has appointed three new members to its Board of Directors, the company announced Friday in a press release.

The appointments of Bjarne Borg, James D. Burnham, and Anthony M. Cialone follow SGD’s acquisition of Resource Group US Holdings LLC. According to InvestingPro data, the company faces significant financial challenges, with a weak financial health score and concerning cash burn rate. InvestingPro subscribers have access to 17 additional key insights about SGD’s financial position.

Borg serves as Executive Chairman of Index Investment Group, which he co-founded in 1998. The company develops real estate and renewable energy projects while providing private equity investments. Borg has over 35 years of experience managing startups and multinational corporations and has served on advisory boards for banking institutions including SunTrust Bank and Truist Bank.

Burnham is President of JDB Consulting Services, Inc., a position he has held since 2003. He brings more than 30 years of experience in mergers and acquisitions and project development. Since 2014, he has also served as CEO and Managing Member of Encell Composites, which developed patented railroad crossties produced from recycled materials.

Cialone currently serves as President and Chief Operating Officer of Resource Group US, LLC. He has over 30 years of executive leadership experience in corporate operations, risk management, and strategic planning. Cialone also serves as President and CEO of Microtec Development & Holdings LLC and as President and COO of AggrePlex, LLC.

"We are honored to welcome Bjarne, Jim, and Tony to our Board of Directors," said David Villarreal, CEO of Safe and Green Development Corporation, according to the press release.

SGD focuses on real estate development for green housing projects and owns Resource Group US Holdings LLC, an environmental and logistics subsidiary operating an organics processing facility in Florida. The company’s current ratio of 0.48 indicates potential liquidity challenges, while its debt-to-equity ratio stands at nearly 70. For detailed analysis and Fair Value estimates, consider a subscription to InvestingPro.

In other recent news, Safe and Green Development Corporation has completed the acquisition of Resource Group US Holdings LLC, a company specializing in converting organic green waste into engineered soil and mulch products. This acquisition is part of SGD’s strategy to expand its portfolio of environmentally friendly solutions and align with emerging regulations. Resource Group’s innovative SURGRO™ technology, which offers a sustainable alternative to traditional horticultural mixes, is now part of SGD’s offerings. In a letter to shareholders, CEO David Villarreal highlighted the acquisition’s potential to enhance SGD’s financial profile, projecting pro forma revenues of approximately $25 million for 2025. Additionally, Resource Group’s unaudited revenues increased from $16 million in 2023 to $19.1 million in 2024. SGD’s subsidiary, Resource Group US Holdings LLC, is expanding its operations to produce premium potting media and soil substrates. This expansion involves using Microtec milling technology to convert waste into high-value soil products, marketed under the "Renewable Earth" brand. The company expects the installation of the Microtec mill to be completed by the third quarter of 2025.

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