JACKSONVILLE, Fla.--(BUSINESS WIRE)--SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading developer, designer, and fabricator of modular structures, and Moliving Inc., the world’s first luxury nomadic hospitality solution, today announced SG Blocks is leading Moliving’s seed round. Moliving, which is a developer's solution conceived to disrupt the modular living and hospitality industries, offers hoteliers and landowners the opportunity to adjust room inventory to match demand in real time with minimal disruption to the environment.
“We are continually impressed by Moliving and the innovative solution that they deliver to the hospitality industry, which meets a major market need,” Paul Galvin, Chairman and CEO of SG Blocks explained. “SG Blocks’ design solutions merged with Moliving’s modernization of the hospitality sector is a powerful force. There is a great synergy of alignment and mutual respect between the companies and their principals; advancing this partnership makes perfect sense for us, and is why I agreed to join Moliving’s board of directors.”
The funding is a testament to the continuation of the two companies’ long-standing collaboration. The recent funding will further the manufacturing of approximately 60 units that SG Blocks plans to build for Moliving’s flagship hotel, Moliving at Hurley House, located in the progressively popular Hudson Valley. Poised for rapid expansion, Moliving has an additional five locations expected to open in 2023, providing SG Blocks with a potential pipeline of approximately 400 units. The units would be built by SG ECHO, in-house.
“We are thrilled to have SG Blocks as the lead investor for this round and look forward to cultivating our growing collaboration with Paul and his team,” said Jordan Bem, Founder and CEO of Moliving. “SG Blocks truly believes in Moliving’s unique model and sees the potential for our rapid expansion throughout not only the United States but also internationally. It is important for us to utilize the guidance of industry veterans such as Paul Gavin, expected to be our newest board member, to expand our footprint in a sustainable manner.”
Hurley House is set to premiere in the Hudson Valley in Summer 2022 and there are plans to grow the Moliving brand in several East and West Coast locations in 2023.
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 Moliving, Inc.
Moliving is a nomadic hospitality solution that can pop up anytime and anywhere, providing a true luxury experience to its guests with minimal impact to the environment. Being at the forefront of eco-responsibility, the Moliving Units are designed with Sustainability, Durability, Modularity and Luxury in mind. They can be fully self-sufficient with the use of solar power, gray water recycling technology and integrated holding tanks, or can be installed on the grid in a matter of minutes. Moliving Hotels can be constructed in months versus years, at a fraction of the cost of traditional hotels. Moliving revealed its first model unit at the future site of what will be the flagship hotel located in New York’s Hudson Valley, set to open Summer 2022. For more information, please visit www.moliving.com.
Safe Harbor Statement
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. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the plans for SG Blocks to manufacture approximately 60 units for Moliving’s flagship hotel, Moliving at Hurley House, plans for five additional Moliving locations to open in 2023 providing SG Blocks with a potential pipeline of approximately 400 units, Hurley House being set to premiere in the Hudson Valley in Summer 2022 and plans to grow the Moliving brand in several East and West Coast locations in 2023. 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 subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to manufacture approximately 60 units for Moliving at Hurley House as planned, Moliving’s ability to open five additional Moliving locations in 2023 as planned and provide SG Blocks with a potential pipeline of approximately 400 units, Moliving’s ability to premiere Hurley House in Summer 2022, Moliving’s ability to grow the Moliving brand in several East and West Coast locations in 2023, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
