SG Blocks and Geis Companies Form Teaming Agreement
Geis Companies to provide design build services, perform all civil work and installation services
NEW YORK, NY / ACCESSWIRE / July 15, 2019 / SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, fabricator and innovator of container-based structures, and Geis Companies, North America's premier design/build company headquartered in Streetsboro, Ohio, have formed a strategic alliance which will enhance the design, development and installation of steel-based modular projects.
The first joint project will be the 302-unit multifamily project in Sullivan County, New York. Projected Construction costs in the first phase of the project are approximately $22 million and the total construction costs of the project are approximately $55 million.
Under terms of the teaming agreement, Geis will provide construction related services, perform all site and civil work and installation services. In addition, Geis has bonding capacity up to $50 million, which is beneficial for SGBX customers, as it potentially reduces loan guarantees and cash requirements for certain projects.
“We continue to build out our network of industry leading partners to streamline and accelerate the expansion of our steel-based modular projects,” noted Paul Galvin, Chairman and CEO of SG Blocks. “The Geis Companies are leaders in the industry, with more than 50 years of building design and construction experience developing projects from 5 to 1,000 acres. This relationship will enhance and accelerate our ability to design and deliver projects on-time and on-budget, and Geis’ ability to bond large projects will allow customers to accelerate development of their projects.”
Jeffrey Martin, President at Geis Companies added, “Geis has always been an innovator, and establishing a relationship with a leading innovator like SG Blocks will establish us squarely in the steel-based modular segment of the industry.”
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.
About Geis Companies
Geis Companies, North America's premier design/build company, has over 50 years of building design and construction experience developing projects from 5 to 1,000 acres. Having successfully developed over 10,000 acres and design/built over 700 projects, we have expertise ranging from site selection through delivering the final product. With decades of commercial real estate development experience and a sound understanding of the construction industry, the Geis Companies design build team is able to provide our clients with the best possible service and return on investment.
Forward-Looking Statements
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. While SG Blocks 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 based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in SG Blocks' filings with the Securities and Exchange Commission. Thus, actual results could be materially different. SG Blocks expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE: SG Blocks Inc.
Released July 15, 2019