07:40 AM EST, 01/15/2025 (MT Newswires) -- Safe & Green Holdings Corp ( SGBX ) said Wednesday that it has executed a binding letter of intent to acquire 100% of New Asia Holdings's outstanding securities.

Financial terms were not disclosed.

Safe & Green ( SGBX ) said the acquisition includes New Asia's subsidiary Olenox, an energy company, and Olenox's subsidiary Machfu.com, a secure connectivity and automation firm for the energy and manufacturing industries.

Olenox focuses on acquiring and revitalizing underdeveloped or distressed energy assets in Texas, Oklahoma, and Kansas using its proprietary cleaning technology, the company said.

In connection with the deal, Safe & Green ( SGBX ) and Olenox Chief Executive Michael McLaren will assume the additional role of chairman of Safe & Green ( SGBX ), succeeding Paul Galvin, who will remain a board member.

Shares of the company were up more than 100% in Wednesday's premarket activity.