KBS Builders Awarded $3.2 Million Contract for Multifamily Construction Project in Maine

OLD GREENWICH, Conn., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (“Star” or the “Company”), a diversified holding company, announced today that its wholly owned subsidiary, KBS Builders, Inc. (“KBS”), has signed a $3.2 million contract to manufacture a multifamily housing project in Maine.

The $3.2 million contract calls for the manufacturing of 40 modules to construct five 4-unit townhouse condominiums in Lincoln County, Maine. Production is expected to commence in January, with delivery to be completed in the second quarter of 2025. This project is the second of the two "future potential contracts totaling over $5 million" referenced in Star’s third quarter 2024 earnings release with the first being the $2.1 million Vermont project announced on December 19.

Rick Coleman, CEO of Star, noted, “This project marks another multifamily housing win for us in Maine and further solidifies KBS’ strong reputation and market position in New England. We are pleased with the recent pace at which we have been converting large commercial projects from our sales pipeline into booked backlog.”

Mr. Coleman added, “We believe our location and expertise uniquely position us to address the shortage of housing in New England and allow us to provide best-in-class construction solutions for our customers.”

About Star Equity Holdings, Inc.
Star Equity Holdings, Inc. is a diversified holding company currently composed of two divisions: Building Solutions and Investments.

Building Solutions
Our Building Solutions division operates in three businesses: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.

Investments
Our Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.

Forward-Looking Statements
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