Safe and Green Development acquires XENE Real Estate AI software

Safe and Green Development announced that it has closed on the previously announced acquisition of Majestic World Holdings, a real estate technology firm and owner of the Xene AI Software platform. The purchase price for the acquisition consists of an aggregate of $500 thousand in cash to be paid over 5 quarters and 500,000 shares of SG Devco restricted stock valued at $1.075 million, or $2.15 per share. Under the terms of the agreement, Matthew Barstow, MWH CEO & President will become Senior Vice President of Innovation at SG Devco. The acquisition is a milestone in the company’s short history and adds a new vertical to the SG DevCo portfolio. The addition of MWH diversifies SG DevCo’s business interests and adds a new source of potential revenue. David Villarreal, President & CEO of Safe and Green Development Corporation, stated, “Majestic is an innovator in real estate technology with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies is expected to provide long-term value creation well in excess of what either company was capable of doing on a individually. We believe this transaction will immediately and in the long-term drive significant value to our shareholders.”