PGUS March 16, 2017 ProGreen Announces Transfer of Deed and Acquisition Terms for Oceanfront Land
BLOOMFIELD HILLS, MI - (NewMediaWire) - March 16, 2017 - ProGreen US, Inc. (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, @ProGreenUS, is a US company engaged primarily with investments in agricultural and real estate projects in Baja California, Mexico, both through its joint venture partnership with Inmobiliaria Contel S.R.L.C.V. (Contel) and through its majority-owned Mexican subsidiary Procon Baja JV (Procon).
ProGreen is pleased to announce that the transfer of deed for the 5,000-acre oceanfront property to Procon has now been completed. The acquisition was first announced in a press release on February 2, 2017.
The property is for a large Residential/Resort community, for which a master plan is already being worked on. For further details see www.ProGreenUS.com.
The land was acquired at an extremely low price, with very favorable terms. This was made possible through our joint venture with Contel which, as a partner in Procon, will also benefit from future profits in the development. Without this strategic relationship, the acquisition would simply never have been possible.
The terms of the acquisition of the 5,000 acres of Pacific Ocean front land, are as follows:
Purchase price: $500,000
Payment terms - no interest
$20,000 ---- down payment
$30,000 ---- with execution of deed
$50,000 ---- 12/15/2017
$100,000 -- 12/15/2018
$100,000 -- 12/15/2019
$100,000 -- 12/15/2020
$100,000 -- 12/15/2021
The title has now been signed over in a public Deed, under the authority of a "Notario Público" (Public Notary) for entry into the Official Property Registry. A Public Notary, in Mexico, is a government-employed official whose primary responsibility is to manifest the legal transfer of properties from one party to another
