Latest news with #Olenox
Yahoo
29-05-2025
- Business
- Yahoo
Safe and Green Holdings Acquires 1,600 Acres of Oil Wells and Oil Leases
New acquisition significantly expands Safe & Green's oil production holdings MIAMI, FL, May 29, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures diversified platform transforming critical infrastructure through sustainable modular innovation, announces the acquisition of certain assets of Sherman Oil Company, LLC and several affiliatendividuals and entities that total 1,600 acres of oil wells and leases. The newly acquired assets are are reported to be producing an average of 45 barrels of oil per day. Mike McLaren, Safe and Green Holdings Chairman and CEO commented, 'We continue to strengthen our portfolio of oil and gas assets as we endeavor to grow into a diversified oil producer and provider of services to the oil and gas industry. The acquisition of Sherman Oil and their partners adds 111 additional wells to the existing Olenox assets. Of these new wells, only 10% are currently actively producing. By using our Olenox technology and expertise in well revitalization, we expect to ramp production rapidly to 75+ barrels per day within the next four months through a series of cleanouts and restimulations of wellbores. We look forward to continuing to find opportunities to provide our shareholders with additional value.' About Safe & Green Holdings & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit and follow us at @SGHcorp on Twitter. Safe Harbor StatementCertain 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 acquisition of assets of Sherman Oil Company, LLC and several affiliate individuals and entities that total 1,600 acres of oil wells and leases. While the Company 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 successfully operate the oil wells acquired from Sherman Oil Company, LLC and its affiliates, the Company's ability to successfully increase production of its oil wells, the effect of government regulation, 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, 2024 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. Investor Relations: CORE IR 516 222 2560 investors@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-04-2025
- Business
- Yahoo
Safe & Green Holdings Corp. Announces 51% Purchase of Winchester Oil and Gas by Wholly Owned Subsidiary Olenox Corp.
MIAMI, April 08, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures, announces its wholly owned subsidiary, Olenox Corp. ('Olenox'), has purchased a 51% stake in Winchester Oil and Gas, LLC ('Winchester'). Winchester operates more than 500 wells in Texas with leases centered in Milam and Parker counties. It recently reported production of approximately 50 barrels a day, with peak production reaching 200 barrels in the last four years. It also holds a $250,000 bond, which allows Olenox unlimited well licenses in Texas, which is ideal for expansion while also utilizes cleanup of underperforming properties. Through Olenox, the Company will operate the existing wells and perform reactivation, for which it expects 30-40% to be complete and creating production in the second quarter of 2025. Michael McLaren, Safe & Green Holdings CEO commented, 'The Winchester acquisition is a prime example of the capability of our subsidiary Olenox to create turnaround utilizing its patented down hole cleaning and stimulation technologies combined with state-of-the-art combo service rigs that reduce the amount of equipment and fuel, resulting in lower servicing costs per well. We believe this investment is an important addition to our holdings and look forward to providing production updates as they develop. 'Further, our Machfu technology allows us to reduce downtime, operator and energy costs with its integrated bidirectional well monitoring systems. Reduced costs mean reduced lifting costs per barrel and in volatile markets allows Olenox to remain profitable even at historically low pricing per barrel,' Mr. McLaren concluded. About Olenox Corp. Olenox Corp. is an advanced energy company focused on oil and gas production, energy services, and energy technologies. Olenox specializes in acquiring and revitalizing distressed energy assets, leveraging proprietary technologies to enhance production while minimizing environmental impact. About Safe & Green Holdings Corp. Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit and follow us at @SGHcorp on Twitter. 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. 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 successfully integrate Winchester into Olenox's pipeline, the Company's ability to successfully reactivate Winchester's oil wells to increase production, the effect of government regulation, 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, 2024 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. Investor Relations:CORE IR516 222 2560investors@ Source: Safe & Green Holdings in to access your portfolio
Associated Press
08-04-2025
- Business
- Associated Press
Safe & Green Holdings Corp. Announces 51% Purchase of Winchester Oil and Gas by Wholly Owned Subsidiary Olenox Corp.
MIAMI, April 08, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ('Safe & Green Holdings' or the 'Company'), a leading developer, designer, and fabricator of modular structures, announces its wholly owned subsidiary, Olenox Corp. ('Olenox'), has purchased a 51% stake in Winchester Oil and Gas, LLC ('Winchester'). Winchester operates more than 500 wells in Texas with leases centered in Milam and Parker counties. It recently reported production of approximately 50 barrels a day, with peak production reaching 200 barrels in the last four years. It also holds a $250,000 bond, which allows Olenox unlimited well licenses in Texas, which is ideal for expansion while also utilizes cleanup of underperforming properties. Through Olenox, the Company will operate the existing wells and perform reactivation, for which it expects 30-40% to be complete and creating production in the second quarter of 2025. Michael McLaren, Safe & Green Holdings CEO commented, 'The Winchester acquisition is a prime example of the capability of our subsidiary Olenox to create turnaround utilizing its patented down hole cleaning and stimulation technologies combined with state-of-the-art combo service rigs that reduce the amount of equipment and fuel, resulting in lower servicing costs per well. We believe this investment is an important addition to our holdings and look forward to providing production updates as they develop. 'Further, our Machfu technology allows us to reduce downtime, operator and energy costs with its integrated bidirectional well monitoring systems. Reduced costs mean reduced lifting costs per barrel and in volatile markets allows Olenox to remain profitable even at historically low pricing per barrel,' Mr. McLaren concluded. About Olenox Corp. Olenox Corp. is an advanced energy company focused on oil and gas production, energy services, and energy technologies. Olenox specializes in acquiring and revitalizing distressed energy assets, leveraging proprietary technologies to enhance production while minimizing environmental impact. About Safe & Green Holdings Corp. Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit and follow us at @SGHcorp on Twitter. 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. 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 successfully integrate Winchester into Olenox's pipeline, the Company's ability to successfully reactivate Winchester's oil wells to increase production, the effect of government regulation, 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, 2024 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. 516 222 2560
Yahoo
01-04-2025
- Business
- Yahoo
Safe & Green Holdings Reports Year-End 2024 Results
MIAMI, April 01, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures, reports financial results for the year ended December 31, 2024 and provides a corporate update. Recent Highlights: Appointed Michael McLaren as Chief Executive Officer and Jim Pendergrast as Chief Operating Officer Entered into Definitive Agreement to merge with Olenox and Announced LOI to acquire County Line Industrial Successfully completed two major projects for U.S. Government contractor Secured two new contracts for Modular Construction Projects Announced decisive legal victory in litigation against EDI International and PVE, securing a judgment for nearly $1.3 million in damages with additional potential awards for interest, legal costs, and attorney's fees While 2024 was a challenging year for Safe & Green Holdings, we had several key events that we believe will be the foundation for the Company's future,' stated CEO Mike McLaren. 'First, we have a strong management team now in place, with Jim Pendergrast joining Tricia Kaelin and me as Chief Operating Officer. I believe with our combined experience we are now poised to propel the Company forward. Further, with our merger with Olenox and Machfu coming to our shareholder vote, I strongly believe we are stronger as a diversified company that integrates energy expertise, Industrial Internet of Things (IoT), and our already strong footprint in sustainable infrastructure. We believe this is the Company's future and look forward to continuing into 2025 with positive outcomes and future sustainable growth.' Financial Results for the Twelve Months Ended December 31, 2024 Revenue for the twelve months ended December 31, 2024, was $4.9 million, compared to$15.5 million for the twelve months ended December 31, 2023, primarily reflecting a decrease in construction services revenue. Gross profit (loss) for 2024 was ($244,077) compared to $(2.55) million for 2023. Operating expenses for 2024 were $9.4 million, compared to approximately $19.2 million for 2023. The net loss attributable to common shareholders was approximately ($22.6) million, or ($10.53) per share in 2024, compared to a net loss of ($26.2) million, or $(34.03) per share for 2023. The Company's Adjusted EBITDA (non-GAAP) for the year ended December 31, 2024, was approximately ($9.4) million as compared to Adjusted EBITDA of approximately ($20.8) million for the year ended December 31, 2023. Both EBITDA and Adjusted EBITDA are non- GAAP financial measures. The Company defines EBITDA as GAAP net income (loss) attributable to common stockholders before interest expense, income tax benefit (expense), depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain non- recurring, unusual or non-operational items, such as litigation expense, stock issuance expense and stock compensation expense. The Company believes that adjusting EBITDA to exclude the effects of these items that are not closely associated with ongoing corporate operations provides management and investors with a meaningful measure that increases period-to-period comparability of the Company's operating performance. The Company believes the presentation of EBITDA and Adjusted EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA and Adjusted EBITDA as a means to measure performance. The Company's measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measurements reported by other companies. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered as an alternative to net income (loss) attributable to common stockholders or as an indication of operating performance or any other measures of financial performance derived in accordance with GAAP. The Company does not consider these non-GAAP measures to be substitutes for or superior to the information provided by its GAAP financial results. The non- GAAP information should be read in conjunction with our consolidated financial statements and related notes. These measures also should not be construed as an inference that our future results will be unaffected by the non-recurring, unusual or non-operational items for which these non-GAAP measures make adjustments. The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP net gain (loss) attributable to common stockholders of Safe & Green Holdings Corp. For the Year EndedDecember 31, 2024 For the Year EndedDecember 31, 2023 Net loss attributable to common stockholders $ (22,601,278 ) $ (26,282,533 ) Addback interest expense 3,127,179 1,430,372 Addback interest income — (119 ) Addback depreciation and amortization 557,382 598,714 EBITDA (non-GAAP) (18,916,717 ) (24,253,566 ) Common stock deemed dividend 5,621,596 — Gain on deconsolidation – SG DevCorp (4,637,013 ) — Loss on disposition of equity-based investments 320,408 — Change in fair value of equity-based investments 6,616,201 — Addback litigation expense 356,046 154,217 Addback stock-based compensation expense 1,194,597 3,210,631 Adjusted EBITDA (non-GAAP) $ (9,444,882 ) $ (20,888,718 ) At December 31, 2024, and December 31, 2023, the Company had cash and cash equivalents of $375,873 and $14,212, respectively. As of December 31, 2024, stockholders' equity was ($12.4) million compared to $(6.3) million as of December 31, 2022. Additional details can be found in the Company's filing 10-K, which can be accessed on the United States Securities & Exchange Commission website at About Olenox Corp. Olenox is an advanced energy company focused on oil and gas production, energy services, and energy technologies. Olenox specializes in acquiring and revitalizing distressed energy assets, leveraging proprietary technologies to enhance production while minimizing environmental impact. About Machfu, Inc. Machfu delivers Industrial Internet of Things (IIoT) solutions, providing secure, scalable, and intelligent connectivity for industrial automation, energy, and smart infrastructure applications. About Safe & Green Holdings Corp. Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit and follow us at @SGHcorp on Twitter. 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. 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 successfully integrate Olenox and the Company's ability to collect on judgments against EDI International and PVE, the effect of government regulation, 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, 2024 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. Investor Relations:CORE IR516 222 2560julesa@ Source: Safe & Green Holdings in to access your portfolio
Globe and Mail
29-01-2025
- Business
- Globe and Mail
Major Acquisition Introduces Game-Changing Energy and IoT Innovations, Setting the Stage for Long-Term Shareholder Value: Safe & Green Holdings Corp., (Stock Symbol: SGBX)
Development, Design and Fabrication of Modular Structures, Meeting the Demand for Safe and Green Solutions Across Various Industries. Supports Third-Party and In-House Developers, Architects, Builders and Owners for Faster Execution, Greener Construction and Buildings of Higher Value. Signed LOI for Transformative 100% Acquisition of Olenox and Olenox's Operations Include Three Vertically Integrated Business Units: Oil & Gas Production, Energy Services and Energy Technologies. With Over 20,000 Gateways Deployed Globally, Machfu Delivers Real-Time Data Analytics, Predictive Maintenance and Operational Efficiency to Industrial Clients. Michael McLaren, Recently Appointed CEO of SGBX as well as Founder and CEO of Olenox, to Assume Additional Role as Chairman of SGBX. $1,274,752 Awarded by Favorable Legal Judgment, Delivering Substantial Value to Shareholders. Safe & Green Holdings Corp., (Nasdaq: SGBX) a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various intries. SGBX supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. LOI for Transformative Acquisition of Olenox and On January 14th SGBX announced a binding Letter of Intent ('LOI') to acquire 100% of the outstanding securities of New Asia Holdings Inc. (OTCQB: NAHD). The acquisition includes a diversified energy company Olenox Corp., a wholly owned subsidiary of NAHD. The SGBX acquisition also includes a wholly owned subsidiary of Olenox, specializing in secure connectivity and automation solutions for industries such as oil & gas, utilities, and manufacturing. Olenox's operations include three vertically integrated business units: Oil & Gas Production, Energy Services, and Energy Technologies. Olenox specializes in acquiring and revitalizing underdeveloped energy assets, leveraging proprietary technologies and operational expertise to enhance production efficiency, lower costs, and minimize environmental impact. Key achievements of Olenox include expanding production from 113 barrels of oil equivalent per day (BOE/day) to a projected 700 BOE/day through increased operational capacity and innovative technologies. By focusing on distressed and neglected oil and gas fields in Texas, Oklahoma, and Kansas, Olenox has created a scalable model that addresses industry inefficiencies while maintaining a strong commitment to sustainability. Following the acquisition of NAHD, SGBX will continue to maintain its current operations and fabrication of modular structures. In addition, the Company plans to leverage its existing facilities, including its Waldron facility in Durant, Oklahoma, to support its new operations in the oil and gas industry. SGBX management expects that this dual focus will enable the combined entity to achieve greater efficiencies and benefit from economies of scale across its business segments. This approach aligns with the Company's overarching vision to lead advancements in sustainable energy, food, water, and shelter as essential pillars for fostering global resilience. Olenox's proprietary plasma pulse and ultrasonic cleaning tools set it apart from traditional energy players. These advanced technologies allow for cost-effective recovery of oil and gas while reducing the environmental footprint, ensuring alignment with global sustainability trends. Olenox's Energy Services division, with its customized service rigs and reclamation capabilities, enhances the value of its production assets while generating additional revenue streams through third-party contracts. is a trailblazer in the Industrial IoT sector. Its flagship product, the MachGateway®, and Edge-to-Enterprise™ software enable seamless integration of legacy systems with modern IoT platforms. With over 20,000 gateways deployed globally, Machfu has proven its ability to deliver real-time data analytics, predictive maintenance, and operational efficiency to industrial clients. Machfu's technology supports cost reduction and productivity gains by minimizing downtime and optimizing equipment performance. For example, its Bluetooth IoT gateways connect over 125 sensors per device, enabling scalable, low-cost solutions for monitoring and control in industrial environments. These capabilities directly address the growing demand for automation and digital transformation in energy and other key industries, creating high-margin recurring revenue opportunities for the combined entity. In connection with the transaction, Michael McLaren, recently appointed CEO of SGBX, as well as founder and CEO of Olenox, will assume the additional role of Chairman of SGBX, succeeding Paul Galvin, who will remain on the board of directors. SGBX CEO Michael McLaren stated, 'We believe that the combination of Olenox and Machfu with Safe & Green will create a powerful, diversified entity with robust growth potential in both the energy and technology sectors. Olenox provides stable and growing revenues from its oil and gas assets, complemented by the scalability of Machfu's recurring IoT revenue streams. We believe that this synergy will position the combined company to capture significant market opportunities in renewable energy, digital transformation, and industrial automation. By maintaining Safe & Green's current modular operations, while leveraging facilities such as our Waldron facility to support oil and gas activities, we expect to achieve greater operational efficiencies and economies of scale. For Safe & Green shareholders, this transaction represents a strategic pivot toward high-growth markets. Olenox's proven financial performance, including strong asset utilization and innovative technologies, enhances the Company's equity position and profitability potential. Machfu's advanced IoT capabilities further diversify the revenue base, providing exposure to a rapidly growing global market.' Favorable Legal Judgment, Delivering Substantial Value to Shareholders On December 27th SGBX announced a decisive legal victory in its litigation against EDI International, PC, and PVE, LLC. The Superior Court of Los Angeles County awarded a judgment in favor of Safe & Green Holdings, granting the Company $1,274,752 in damages, with additional potential awards for interest, legal costs, and attorney's fees. This judgment resolves claims related to intentional interference with prospective economic relations and contractual obligations, highlighting the Company's steadfast commitment to protecting its interests and ensuring fairness for its shareholders. The court ruled that the defendants' actions disrupted critical economic relationships and contractual agreements, resulting in damages to Safe & Green Holdings. SGBX is committed to ensuring that the awarded damages benefit shareholders and contribute to its mission of advancing sustainable and innovative building solutions. For more information on $SGBX, visit Disclosure listed on the CorporateAds website Media Contact Company Name: Safe & Green Holdings Corp Contact Person: CEO Michael McLaren, Chairman and CEO Email: Send Email Phone: 646-240-4235 Address: 990 Biscayne Boulevard Suite 501, Office 12 City: Miami State: Florida Country: United States Website:
