Safe and Green Development Corporation Announces Update on LOI for Acquisition of Xene Real Estate AI Software
MIAMI, Fla, Jan. 04, 2024 (GLOBE NEWSWIRE) — Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) is pleased to announce an update to the previously announced proposed investment in Majestic World Holdings (“MWH”), a real estate technology firm and owner of the Xene AI Software platform (“XENE Platform”). After conducting initial due diligence, the Company has negotiated a complete acquisition of Xene Platform along with its parent company MWH. The company will look to complete the acquisition by the end of the first quarter subject to final approval by the Board of Directors and execution of definitive documents.
The XENE Platform, powered by advanced AI technology, has the goal of creating a decentralized real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. This development is expected to significantly save time and resources for all parties involved. The XENE Platform streamlines property transactions, offering a cost-effective alternative to traditional buyers’ agent models.
The XENE Platform completed a successful BETA launch earlier in 2023 and MWH has already started generating revenues. The XENE Platform is expected to launch to the public within the first quarter of 2024.
David Villarreal, President & CEO of Safe and Green Development Corporation, stated, “The successful BETA run earlier in 2023 has given us the confidence to move forward with a complete acquisition of the XENE Platform. This unique platform is expected to save banks and financial institutions time and money on foreclosure listings by leveraging the technology, property preservation, eviction, listing and sales, title, home warranty and homeowners’ insurance all in one place. We look forward to adding this line of business and diversifying our business portfolio.”
About Safe and Green Development Corporation
Safe and Green Development Corporation is a leading real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel, sourced from one of Safe & Green Holdings Corp’s factories operated by SG Holdings’ SG Echo subsidiary. More information about SG DevCo can be found at www.sgdevco.com.
Safe Harbor Statement
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and include statements regarding the proposed acquisition of MWH and the XENE Platform and the timing thereof; creating a decentralized real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment; significantly saving time and resources for all parties involved; the timing of the launch of the XENE Platform; and the expectation that the XENE Platform will save banks and financial institutions time and money on foreclosure listings by leveraging the technology, property preservation, eviction, listing and sales, title, home warranty and homeowners’ insurance all in one place. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the Company’s ability to acquire MWH as planned; the Company’s ability to achieve the expected benefits of the proposed acquisition of MWH and other factors discussed in the Company’s Form 10 registration statement and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Safe and Green Development Corporation undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
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