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Safe and Green Development Corporation Releases Unaudited Financial Information for Resource Group
SGDSG DevCo(SGD) Prnewswire·2025-03-21 13:00

Core Viewpoint - Safe and Green Development Corporation (SGD) is set to acquire 100% equity interests in Resource Group US Holdings (RSG), which operates in advanced engineered soils, compost, and logistics [1][2]. Financial Summary - For the year ended December 31, 2024, RSG's consolidated financials show a net loss of 936,000onrevenuesof936,000 on revenues of 18.75 million, with RGUS contributing a net loss of 1.8millionandZEIgeneratinganetincomeof1.8 million and ZEI generating a net income of 907,000 [4][7]. - In 2023, RSG reported a consolidated net loss of 6.2milliononrevenuesof6.2 million on revenues of 17.5 million, with RGUS and ZEI reporting net losses of 4.5millionand4.5 million and 1.7 million, respectively [5][8]. - Adjusted EBITDA for 2024 was estimated at 821,000,whilefor2023,itwasalossof821,000, while for 2023, it was a loss of 481,000 [4][5]. Business Operations - Resource Group US Holdings operates two main businesses: RGUS, focusing on engineered soils and compost, and ZEI, which is involved in regional logistics and transportation [2]. - RGUS generated revenues of 5.2millionin2024,whileZEIgenerated5.2 million in 2024, while ZEI generated 13.4 million in the same year [7]. Transaction Details - The acquisition will involve the issuance of shares of SGD's restricted common stock, which will amount to 49% of the company's outstanding shares at closing [10]. - The company plans to file a proxy statement with the SEC for stockholder approval regarding the transaction [10][11].