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SG Devco partners with Trio for home financing

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MIAMI – Safe and Green Development Corporation (NASDAQ: SGD), a real estate development company, has entered into a strategic agreement with Trio Residential LLC, a provider of innovative home financing solutions. This partnership aims to integrate Trio’s financing options into SGD’s Xene Home AI Platform, with the goal of making homeownership more attainable for a broader range of customers.

The collaboration will offer Xene users access to Trio’s down-payment assistance products, including lease-to-own programs and seller financing options. These programs are designed to assist potential homeowners who face challenges with traditional mortgage products, thereby expanding the consumer base for SGD’s platform.

David Villarreal, CEO of SG Devco, conveyed his optimism about the partnership, stating that the inclusion of Trio’s products will enhance the flexibility of the Xene Home Platform, aligning with the company’s mission to facilitate homeownership for many individuals. Trio’s Founder and Managing Director, Darryl Lewis, also expressed confidence in the collaboration and the capabilities of the Xene platform.

The integration of Trio’s financing solutions into the Xene Home Platform is expected to be completed within the next 30 days, potentially enriching the home-buying experience for customers.

SG Devco specializes in the development of green, single, and multifamily projects using prefabricated modules. Its majority-owned subsidiary, Majestic World Holdings LLC, developed the Xene Home Platform, which leverages advanced AI technology to decentralize the real estate marketplace, connecting various stakeholders in a structured, AI-driven environment.

Trio Residential LLC has been facilitating homeownership in the United States since 2001, offering lease-to-own and seller financing agreements that have helped thousands of families secure their housing future. Trio collaborates with private industry, government, non-profits, and community organizers to provide innovative financing programs.

This news is based on a press release statement from Safe and Green Development Corporation.

In other recent news, Safe and Green Development Corporation (SG Devco) has announced a series of strategic moves aimed at enhancing its operations and financial position. The real estate development firm has formed a partnership with Affiliated Services Group (ASG) to integrate mortgage banking services into its Xene platform, thereby expanding its reach across 49 states. The collaboration is expected to deliver efficient and customer-focused services using ASG’s extensive experience in mortgage banking.

In a parallel development, SG Devco has also revealed its plans to acquire MyVONIA, an artificial intelligence assistant platform. This acquisition, expected to close in the second quarter of 2024, is aimed at improving user experience and operational efficiency, as well as providing a source of recurring revenue.

In a bid to strengthen its balance sheet, SG Devco has entered into a contract to sell its Lago Vista property in Texas. The sale of this 60-acre waterfront site is expected to eliminate approximately $5 million of the company’s debt and provide additional cash without diluting shareholder value.

Furthermore, SG Devco has launched its Xene Home Platform, an AI-powered real estate transaction tool designed to lower costs and streamline processes for various stakeholders in the industry. The platform is expected to revolutionize real estate transactions by offering features such as listing tools, document interpretation, and image enhancement.

InvestingPro Insights

As Safe and Green Development Corporation (SGD) announces its strategic partnership with Trio Residential LLC, investors and potential homeowners interested in the company’s prospects may wish to consider several financial metrics and InvestingPro Tips. According to InvestingPro, SGD’s financial health raises some concerns that stakeholders should be aware of:

  • The company’s Price / Book ratio as of Q1 2024 stands at 3.21, which may suggest that the market values the company’s assets at over three times their accounting value.
  • SGD has reported a Gross Profit Margin of 100% for the last twelve months as of Q1 2024, indicating that they are generating a high gross profit relative to their sales—though this should be viewed in the context of their total revenue, which is relatively modest at 0.05M USD.
  • The company’s Operating Income Margin for the same period is significantly negative at -9643.91%, reflecting substantial operational costs relative to its revenue.

InvestingPro Tips highlight that SGD is quickly burning through cash and may have trouble making interest payments on debt. Additionally, the company has not been profitable over the last twelve months, and its stock has experienced high volatility and significant price declines over various periods, including a -92.36% one-year price total return as of a recent 2024 date.

Despite these challenges, SGD’s innovative partnership with Trio Residential LLC could provide a catalyst for growth by expanding the consumer base for its Xene Home AI Platform. Investors considering SGD should be mindful of these financial details and can find additional InvestingPro Tips to guide their decisions. There are 13 additional InvestingPro Tips available for SGD, which can be accessed by visiting https://www.investing.com/pro/SGD.

For those interested in a deeper analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Hamas says it has not left ceasefire talks after Israeli attacks

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By Nidal al-Mughrabi and Maayan Lubell

CAIRO/JERUSALEM (Reuters) -A senior Hamas official said on Sunday that the Islamist group has not withdrawn from ceasefire talks with Israel after this weekend’s deadly attacks in Gaza that Israel said had targeted the group’s military leader Mohammed Deif.

But Izzat El-Reshiq, a member of the political office of Hamas, accused Israel of trying to derail efforts by Arab mediators and the United States to reach a ceasefire deal by stepping up its attacks in the enclave.

Saturday’s strike in the Khan Younis area of Gaza, in which at least 90 Palestinians were killed, according to local health authorities, has put the ceasefire talks in doubt.

There had been increasingly hopeful signs in recent days that a deal could be reached to halt fighting and return hostages held in Gaza.

Two Egyptian security sources at ceasefire talks in Doha and Cairo said on Saturday that negotiations had been halted after three days of intense talks.

Israeli Prime Minister Benjamin Netanyahu was expected to convene his close circle of ministers later on Sunday to discuss the talks.

The strike on Saturday which targeted Deif killed Rafa Salama, commander of Hamas’ Khan Younis brigade, the Israeli military said on Sunday, but there was no confirmation about the fate of Deif.

“The strike in Khan Younis was a result of surgical intelligence,” the head of the Shin Bet domestic security service said in a video released by the service from Rafah. He said 25 Hamas operatives who took part in the deadly Oct. 7 attack in southern Israel that triggered the war had been killed in the past week.

On Saturday, a senior Hamas official denied that Deif had been killed and the group said Israeli claims were aimed at justifying the attack.

Israel’s military chief said on Sunday in a televised statement that Hamas was concealing the truth about Deif’s fate, but stopped short of confirming whether he was alive or dead.

Israeli forces pressed ahead on Sunday with aerial and ground shelling of several areas across the Gaza Strip, home to 2.3 million people, most of whom have been displaced by the war.

A strike on a UN-run school in Nuseirat camp, one of Gaza’s eight longstanding refugee camps, killed 15 Palestinians and wounded dozens more, Hamas media and health officials said.

The Israeli military said the site was used as a base for Hamas fighters to attack Israeli forces and said numerous steps were taken to limit the risk of harming civilians, including the use of precise munitions and intelligence.

Residents said two missiles targeted the upper floor of the school, not far from the camp’s local market, usually busy with shoppers, where displaced families have also taken shelter nearby.

Earlier on Sunday, Israeli airstrikes on four houses in Gaza City killed at least 16 Palestinians and wounded dozens of others, medics said.

The Gaza health ministry said at least 38,584 Palestinians have been killed and 88,881 others injured in Israel’s military offensive since Oct. 7.

It added that 141 Palestinians were killed by Israeli military strikes across the Gaza Strip in the past day, the biggest one-day death toll in many weeks.

Gaza’s health ministry does not distinguish between combatants and non-combatants but officials say most of the dead throughout the war have been civilians.

© Reuters. FILE PHOTO: Palestinians gather near damage, following what Palestinians say was an Israeli strike at a tent camp in Al-Mawasi area, amid Israel-Hamas conflict, in Khan Younis in the southern Gaza Strip July 13, 2024. REUTERS/Mohammed Salem/File Photo

Israel says it has lost 326 soldiers in Gaza and says at least a third of the Palestinian fatalities are fighters.

The war began after a Hamas-led attack inside Israel on Oct. 7, that killed 1,200 people, mostly civilians, and saw around 250 taken hostage to Gaza, according to Israeli authorities.

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Trump rally shooting victim died shielding family from bullets

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(Reuters) -The person shot and killed at former President Donald Trump’s rally in Pennsylvania on Saturday was a 50-year-old volunteer firefighter who shielded his family to protect them as gunshots rang out, the state’s Governor Josh Shapiro said on Sunday.

The victim was identified as Corey Comperatore, according to his family’s posting on Facebook (NASDAQ:).

“The PA Trump Rally claimed the life of my brother, Corey Comperatore. The hatred for one man took the life of the one man we loved the most,” the victim’s sister said in the post on Sunday.

Comperatore previously served as the chief of the Buffalo Township Volunteer Fire Department, according to a report by the Pittsburgh Post-Gazette.

Shapiro said he had spoken to Comperatore’s family and he relayed parts of the conversation to reporters.

“Corey died a hero. Corey dove on his family to protect them last night at this rally,” Shapiro said. “Corey was the very best of us.”

Comperatore was survived by a wife and two daughters. “Corey was a girl dad,” Shapiro said.

Shapiro added: “Corey was a firefighter. Corey went to church every Sunday. Corey loved his community and most especially Corey loves his family.”

Shapiro described the victim “as an avid supporter of the former president.”

© Reuters. A satellite image around Republican presidential candidate and former U.S. President Donald Trump's rally location in Butler, Pennsylvania, U.S.  June 2, 2023.  Maxar Technologies/Handout via REUTERS

Trump had just begun his speech at the Pennsylvania rally when the sound of shots rang out and it became apparent that Trump was also injured when a bullet grazed his right ear.

The FBI has identified 20-year-old Thomas Matthew Crooks of Bethel Park, Pennsylvania, as the suspect in what the government is calling an assassination attempt on Trump.

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Google parent close to $23 billion deal to buy cybersecurity startup Wiz, WSJ reports

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(Reuters) – Google parent Alphabet (NASDAQ:) is in advanced talks to acquire cybersecurity startup Wiz for roughly $23 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

A deal could come together soon, assuming the talks don’t fall apart, the report added.

© Reuters. FILE PHOTO: Small figurines are seen in front of displayed Alphabet logo in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/Ilustration/File Photo

Google and Wiz did not immediately respond to a Reuters’ request for comment.

The U.S.-Israeli startup raised $1 billion in a private funding round in May, which values the four-year-old cloud cybersecurity company at $12 billion.

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