PGEI
New website Progreenus.com
Current SS
As-1.5b
Os-336.9 m
Restricted shares-92.7 m
Float-221.8 m
Outstanding Debt
BLOOMFIELD HILLS, MI - (NewMediaWire) - March 31, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI), is pleased to announce that the company's last outstanding institutional convertible note has now been fully converted. The company is now in a much stronger financial position, as its total outstanding debt has now been reduced to the $200,000 owed to American Fastigheter AB (Amrefa), which is non-convertible, does not carry interest and will be paid off with proceeds from the sale of one of the 14 properties included in the ARG acquisition, announced earlier in the month.
"This removes the last of the earlier dilutive debt and we can now clearly see the path forward without this type of 'overhang,'" says Jan Telander, President.
Funding
BLOOMFIELD TOWNSHIP, MI - (NewMediaWire) - June 14, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to confirm that the total amount of $300,000, as per the subscription agreements signed in February 2016 with Jan Telander, CEO of the Company, Ulf Telander, CEO of EIG Venture Capital Ltd., the major shareholder of the Company and Frederic Telander, CEO of Soltech Energy Sweden AB, has now been received by the Company. An 8-K was filed yesterday to report completion of this financing.
Incoming revenue
BLOOMFIELD HILLS, MI - (NewMediaWire) - June 23, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that the formation of Procon Baja JV (PROCON) has been completed. PROCON is our joint venture subsidiary with Inmobiliaria Contel (CONTEL) in Baja California, Mexico. PROCON is owned by PROGREEN (51%) and CONTEL (49%) jointly. The company will be managed by a board of Managing Directors consisting of three members. Two will be representing PROGREEN and one representing CONTEL. At least two Managing Directors approval will be needed for management decisions or approvals of financial transactions, giving PROGREEN full operational control.
PROCON will be the holding company for the land referred to in press release dated May 17, 2016. This joint venture involves approximately 1,900 acres, with some 500-800 acres suitable for farming, depending on the amount of water that could be extracted through the drilling of fresh water wells.
"We are very pleased that we were able to form a subsidiary for our JV where PROGREEN can be the majority shareholder and therefore will be able reflect our share of the JV assets on the balance sheet. A majority interest in agriculture land can normally only be held by Mexicans, but we managed to find a structure for the JV that will permit assets of the JV to be reflected in our financial statements," says Jan Telander, President.
Michigan Properties
The properties, once refurbished, have then been leased to suitable tenants, creating good returns as rental properties.
We now however feel that the margins in this market are decreasing as prices of properties have been rising. We are now seeing greater opportunities in offering these types of properties for sale with land contracts as so many people still are unable to qualify for conventional credit to purchase a home.
We will be able to maintain high margins and at the same time create an opportunity for people to own their homes.
Solar
ProGreen Properties is currently looking at a number of different options for a suitable builder/contractor to partner up with for investment opportunities with solar technologies and energy efficiency.
We have established a relationship with Soltech Energy Sweden AB, and are aiming to implement their Solar Shingle Technology in future building projects.
There is a little DD us longs already know and pass along for you to make an informed decision along with a little of your own DD.
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