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It may be the ultimate recycling project: taking retired shipping containers and repurposing them as buildings. SG Blocks thinks it can make the proposition into big business.

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Nov. 4, 2011– SG Blocks, Inc. announced today that it completed the previously announced merger with CDSI Merger Sub, Inc.  See the complete story via the link below.

The New York Times – Business Day

New York Post – What a Crate Idea

In accordance with the Merger Agreement, at the closing, Merger Sub will be merged with and into SG Blocks with SG Blocks becoming a wholly-owned subsidiary of CDSI and the current stockholders and warrant holders of SG Blocks will be issued shares, and warrants to purchase shares, of CDSI common stock such that they will beneficially own 91% of CDSI’s common stock post-merger, and CDSI’s current stockholders will own 8% of CDSI’s common stock post-merger. Ladenburg Thalmann & Co. Inc. will receive in the merger 1% of CDSI common stock pursuant to contractual obligations between SG Blocks and Ladenburg Thalmann & Co.

Consummation of the transactions contemplated by the Merger Agreement remain subject to, among other conditions, SG Blocks obtaining the requisite approval from its stockholders. In connection with the execution of the Merger Agreement, holders of approximately 30% of the SG Blocks stockholders have already consented to the transaction. If approved, the merger is expected to be consummated in August or September 2011, after the fulfillment of certain other conditions set forth in the Merger Agreement.

Following the merger, CDSI will be re-named “SG Blocks, Inc.” and its common stock will continue to be traded under the symbol “CDSI.OB” until a new symbol that reflects the new name is secured. As wholly-owned subsidiary of CDSI, SG Blocks will be renamed “SG Building Blocks, Inc.”

“We believe that by becoming a publicly-traded company, it will help us gain access to the capital markets that we need to more aggressively grow our business. We will continue to provide innovative and green solutions for our customers through our economical alternative to conventional construction methods,” said Paul Galvin, CEO of SG Blocks.

Following the closing, CDSI’s executive officers will be the same as SG Blocks’ – Paul Galvin, as CEO; Stevan Armstrong, as President and COO; Brian Wasserman, as CFO; and Jennifer Strumingher as Chief Administrative Officer – and its Board will consist of seven directors – Paul Galvin (Chairman), Joseph Tacopina, Stevan Armstrong, J. Scott Magrane, Claudia Walters, Richard J. Lampen and J. Bryant Kirkland III.

About SG Blocks

Since its inception in 2007, SG Blocks has advanced and promoted the use of code engineered cargo shipping containers in safe and “green” construction and developed and implemented the technology to break away from standardized container-construction while maintaining reduced costs. Offering a product that typically exceeds many building code requirements, SG Blocks seeks to enable developers, architects, builders and owners to achieve greener construction, faster execution and stronger buildings of higher value.

About CDSI

CDSI is a shell company incorporated in Delaware in December 1993.

Contact

SG Blocks, Inc.
Paul Galvin, CEO
Phone: (646) 747-2424

CDSI Holdings Inc.
Sard Verbinnen & Co: Paul Caminiti / Carrie Bloom / Jonathan Doorley
Phone: (212) 687-8080

A single family home created out of SG Blocks makes waves in California for its innovative approach to a couple’s two-story family retreat.  The first home of its kind in Santa Cruz County, the repurposed shipping containers arrived and were set in place in under one day.

For full story at MercuryNew.com click here.

SG Blocks’ Paul Galvin and developer Andrew Anderson (a Prudential Douglas Elliman broker) are planning an Eco-Friendly Luxury House in Amagansett this summer. In addition, Anderson says they’re planning to add counters made out of recycled paper, Forest Stewardship Council-certified flooring and an energy-efficient heating and cooling system.

Today’s NY POST features an article that explains more. Read the full story at the link below:

Ship Ship Hooray: A new kind of sustainable house is on its way to the East End

Building with repurposed, durable shipping containers known as SG Blocks is good for both the environment and our pocketbooks.

The good intentions of “going green” are often thwarted by the high price tag that can accompany social consciousness in the building market. Without a clear understanding or definition, sustainable building can feel daunting and too cost prohibitive to embrace. There is, however, a tried and true alternative that is rising in prominence: repurposed shipping containers known as SG Blocks.

At the essence of SG Blocks is a structural building system that is ready to be clad in any type of façade, with interiors that can reach any level of finish and specification. Shipping containers are suitable across the spectrum of real estate asset classes, and are comprised of heavy gauge steel making them earthquake, hurricane, tornado, water, mold, and termite resistant. They can be stacked up to nine levels high without additional reinforcement. Such containers are consistently less expensive and greener than regular structural steel, and can typically shave up to 40 to 50 per cent off the construction period, thus providing a significant relief in soft costs and loan interest for developers, contractors, and customers.

Building with containers guarantees both superior structural integrity and an extensive wealth of options, including flexible layouts and the ability to expand or contract according to the user’s needs. This is particularly useful in urban settings, where scalability can translate into significant savings in time and cost. SG Blocks is currently advancing technology that will allow for a planned densification on multi-story container based projects.

For the true green enthusiast, building with containers is the clear choice for the environment. As the market leader in container based building, SG Blocks has the lowest embodied energy utilization of any structural building product on the market today. Shipping containers typically have a useful life of 10-15 years in the industry, and the cost of reclaiming the raw steel from a used container is economically unfeasible. Through a process we call Value-Cycling, the conversion of a container into an SG Block takes one-twentieth the amount of energy required to reprocess a container of comparable weight made of steel. Increasing the lifespan of a container for nearly 100 years, the SG Blocks System saves a significant amount of lumber and steel, as well as in energy expenditures (all of which contribute to LEED certification).

We encourage people to do some research before they begin building. We are confident that they will discover that container-based construction is an innovative way to build structurally superior buildings that are both green and economically desirable.