Procon Baja JV is our joint venture subsidiary with Inmobiliaria Contel in Baja California, Mexico, with ProGreen 51% and Contel 49%. The company is managed by a board of Managing Directors consisting of three members, with two representing ProGreen and one representing Contel. At least two Managing Directors approval is required for major decisions and financial transactions, giving ProGreen full control.
PGUS Business Updates:
July 5 2016
ProGreen US Open Letter to Shareholders:
Recently we have begun focusing on opportunities in Mexico, through investments in agricultural land in Baja California. We anticipate to increase this activity substantially over time.
Goals for the next 12-18 months
* Create a substantial revenue stream from our agriculture land developments in Baja
* Commence property developments in Baja as well as in the US.
* Enter into a formal agreement with Soltech Energy Sweden AB and apply their solar technology to suitable properties developed by ProGreen in the US and Baja.
* Broaden our shareholder base through regular communication and interaction with shareholders and the investment community at large.
* Get the company moved up to OTCQB and move the company toward a Nasdaq listing.
Transparency towards our shareholders
True transparency of the company's activities and progress in respect to shareholders, we see as essential to attract long term investors and create shareholder loyalty. Keep the public well informed with an open line of communication, channeled mainly through our new website ProGreenUS.com, with attached Twitter feed, message board, ticker news, press releases, and share structure (updated first week of every month). We will also expand our exposure to the public through other suitable social media, webinars and investor presentations, reflecting the mission of transparency as well as growth of the company, to serve as a true barometer of PROGREEN.
The new PROGREEN
Over the past 6 months we have been working very hard with turning the company around and some significant progress has been made.
February 13. A joint venture agreement was executed with INMOBILIARIA CONTEL S.R.L.C.V. (CONTEL) for the first tract of land of approximately 300 acres for agriculture use in Baja California, Mexico. The land has since been developed and prepared for active farming with three wells providing an abundance of water (700 Gallons/minute) and is now being actively shown and marketed to potential buyers, with several parties showing serious interest.
February 17. The earlier outstanding Convertible Debenture of $476,000, was assumed by EIG Venture Capital Ltd., the company's main shareholder, in exchange for Preferred Stock in the company.
February 22. The company signed a capital injection commitment for a total of $300,000 from Jan Telander, CEO of the Company, Ulf Telander, CEO of EIG Venture Capital Ltd., and Frederic Telander, CEO of Soltech Energy Sweden AB, clearly demonstrating confidence and belief in the future of the company.
March 8. The acquisition of American Residential Gap LLC (ARG) was finalized, bringing its 14 properties on to PROGREEN's books, adding a net asset value of $1,285,000 to the balance sheet. The acquisition was a pure paper transaction with full payment being made by issuance of Special Preferred Stock to American Residential Fastigheter AB (ARG's previous sole member), convertible into common stock by March 8, 2017. The conversion price will be based on the average market price for the 20 preceding trading days of March 8, 2017. The Preferred Stock can also be paid off in cash.
March 28. The last of the "toxic" convertibles with institutional lenders, was fully converted.
May 14. A second Joint Venture Agreement was signed with CONTEL for two parcels of land, 235 Ha (588 acres) and 529 Ha (1323 acres) respectively. The land will be prepared and developed for agriculture use, to be leased to growers of produce.
June 17. PROCON BAJA JV was formed in Ensenada, Mexico, as a holding company for the JV signed on May 14. The company is owned by PROGREEN to 51% and CONTEL 49%, and will be managed by a board of Managing Directors consisting of three members, with two representing PROGREEN. At all times, at least two directors' approval will be needed for management decisions or financial transactions, giving PROGREEN, in effect, full operational control. As a majority shareholder, PROGREEN will be able to reflect its assets in Baja on the balance sheet.
June 23. PROGREEN signs definitive agreement with Tangiers Global, for a $5 million Equity Line. A maximum of 100 million shares will be registered in a S-1 Registration Statement for this funding. A note for $22,000 was also issued to cover the cost of the registration statement. The Note is convertible into common stock after six months, at a fixed price of $0.03. Tangiers was also issue 4 million warrants as commitment fee, with a strike price of $0.02.
New direction in Michigan
With steadily rising property prices here in Michigan, we find that rents cannot keep up at the same rate, resulting in lower yielding properties, if based on present values. This has led us to a change of direction.
Many potential home buyers are still today unable to obtain conventional mortgages and are therefore practically excluded from the property market. We have concluded that offering our rental properties for sale with seller financing, can be very beneficial for the company. We are able to obtain higher prices than with conventional financing, with very limited competition in the market place of properties with this type of financing. Recently sold two of our properties were sold with land contracts and a third is expected to close in July.
PROGREEN Completes $1,285,000 Acquisition of American Residential Gap LLC
PROGREEN Receives Important Capital Injection - $300,000
Toxic Debenture Conversion Completed
PROGREEN Forms Mexican Subsidiary -- PROCON BAJA JV
PROGREEN Launches New Website ProGreenUS.com
PROGREEN signs $5 million equity line of credit
ProGreen Uplists to OTCQB
ProGreen Gets Further Funding From the CEO
ProGreen Reduces Authorized Shares of Common Stock
ProGreen's JV Partner Contel Enters Into Agriculture Operations in Baja California
Contel Signs Million Dollar Produce Agreement
$5 Million Equity Line Declared Effective
ProGreen's Subsidiary Procon Acquires 5,100 Acres of Ocean Front Land in Baja
On March 16, 2017, the Company paid off in cash without any conversions the $100,000 Hopple convertible note issued in September, 2016.
Baja Business Update ( Update on land preparation and revenue projections from first cuts of crop ( Red Chili peppers )