OLENOX INDUSTRIES INC.

Olenox Industries, Inc.

Overview

Olenox Industries, Inc. (formerly Safe & Green Holdings Corp) is headquartered in Conroe, Texas. The company changed its name in January 2026 and updated its trading symbol to OLOX. Website: www.olenox.com.

Corporate history

• February 2, 2025: Agreement to merge with New Asia Holdings, Inc. (NAHD). NAHD would become indirect, wholly owned subsidiaries of Olenox after the merger; 4,000,000 Series A non-voting convertible preferred shares were issued to NAHD shareholders; conversion rights to common stock are subject to shareholder approval.
• December 2025: Olenox (then OLOX) acquired Giant Containers Inc.
• 2024–2026: Multiple stock reorganizations and Nasdaq compliance actions, including reverse stock splits: 1-for-20 on May 2, 2024; 1-for-64 on September 8, 2025; 1-for-10 on May 8, 2026.
• 2026: SG Echo filed for Chapter 11 bankruptcy (affecting SG Echo only). SG DevCorp was deconsolidated in 2024.

Business segments

Olenox operates across four segments:

• Manufacturing for construction: modular structures built from code-engineered cargo shipping containers for residential, commercial, and industrial uses.
• Technology: turnkey remote monitoring solutions for oil and gas operations, marketed under Machfu IoT technology.
• Oil and gas operations.
• Environmental services: on-site renewable energy and related services.

Modular product approach

Olenox markets GreenSteel™ Modules as container-based structural cores/shells for modular buildings. Three primary product offerings using GreenSteel technology:

1. Container-based modules prepared with required openings, painting, and delivery to site for customer finish work.
2. GreenSteel modules or conventional units with selected finishes and systems installed; delivered for third-party finish-out.
3. Fully fabricated and finished buildings, including on-site erection and occupancy-ready completion.

Materials and certifications

• Uses recycled shipping containers and commonly sourced U.S.-made materials (windows, doors, insulation, electrical, plumbing).
• ESR approval: ICC-ES ESR 3764; aligns with ICC-ES and IICL standards. Modules carry medallions indicating ESR compliance.

Markets and customers

• Geographic markets: United States and Canada.
• Target customers: contractors, home builders, building owners, resellers, and the medical community.
• Product applications referenced include residential projects, military storage, and power generation enclosures. Expansion targets include EV recharging stations, data centers, energy storage, and reclamation/drop-off centers.
• Customer base described as broad, with references to a few key customers.

Intellectual property

• Trademarks: GreenSteel™ and Giant Containers.
• Certifications: ICC-ES ESR 3764.

Operations and facilities

• Conroe, Texas: 38,400 sq ft warehouse/office facility serving as corporate headquarters, modular construction activities, and a warehouse for Machfu technology.
• Durant, Oklahoma: 16.2-acre site with a 47,645 sq ft building (owned; leased to an unrelated tenant).
• Electra, Texas: two facilities — a 3.5-acre site with a 1,500 sq ft office/shop for oil & gas operations (owned) and an adjacent 1,800 sq ft building for oil & gas operations (leased).
• SG Echo’s Waldron Factory (Durant) relocated to Conroe in 2025; the Durant facility was subsequently leased to a third party.
• The company maintains a mix of owned and leased facilities and focuses manufacturing on container-based modular structures.

People

• Five full-time employees as of December 31, 2025.
• The company uses outside professionals and subcontractors for project delivery and other services.

Financial snapshot

• Net loss: $18,820,190 in 2025; $16,979,682 in 2024.
• Cash, cash equivalents and short-term investments: approximately $427,900 as of December 31, 2025; approximately $375,900 as of December 31, 2024.
• Cash used in operating activities: approximately $7,836,959 in 2025; approximately $10,898,755 in 2024.
• Revenue note: SG Medical Co. and SG Environmental Services had no revenue to date.
• Backlog (indicative): approximately $1.9 million as of December 31, 2023; approximately $1.2 million as of December 31, 2024.
• The company reports ongoing liquidity challenges and reliance on debt and equity financing, and the reporting states there is substantial doubt about the company’s ability to continue as a going concern.

Additional notes

Olenox emphasizes its ESR-certified GreenSteel technology as a differentiator in the modular construction market and positions modular construction as a faster and potentially lower-cost option in certain markets with environmental performance benefits.