Replies to post #23669 on ProGreen US Inc. (fka PGUS)

[linkvest]

Read the stickies Dom... Lots of events in the makings here. Nice pop coming....

[confuciussay]

You might want to take a look at the recent letter to the shareholders that the ceo pr'd. It highlights the company's accomplishments for the last 6 months PGEI

ProGreen Properties Inc. Open Letter to Shareholders
Print
Alert
SOURCE: ProGreen Properties, Inc.

ProGreen Properties, Inc.





BLOOMFIELD TOWNSHIP, MI--(NewMediaWire - Jul 5, 2016) - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) has mainly been engaged in acquiring, refurbishing and upgrading potential income-producing residential real estate. The properties, once refurbished, have then been leased to suitable tenants, creating good returns as rental properties.

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.

Outlook for the rest of 2016
We have now commenced work in Baja on the second JV tract of land of some 1900 acres, with 500-800 estimated to be suitable as prime agriculture land. Initially we will be preparing the access road (6 miles), clearing land and drilling wells.

PROGREEN is currently also looking at a number of different options, to find a suitable builder/contractor to partner up with for investment opportunities with solar technology and energy efficiency. We have an established a relationship with Soltech Energy Sweden AB, and are aiming to implement their Solar Shingle Technology in future building projects.

It is our goal to up-list off of the pink sheets to the OTCQB in the near future and show investors that we are building a strong company with a clean balance sheet as well as a steady revenue streams.

Key Highlights

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




About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (OTC PINK: PGEI) based in Bloomfield, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, offered for sale with Land Contracts to buyers still unable to obtain conventional credit. The company has also recently entered into property investments in Baja California, Mexico and will be intensifying this activity, with the aim of creating a sustainable income stream for many years to come.

This press release might contain information, which may constitute 'forward-looking statements' within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. 'Forward-looking statements' are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated.




CONTACT INFORMATION



Contact:
Jan Telander
248 805 3652
[e-mail]

[linkvest]

Here you go: From AllenC post.

Recent chain of events with PGEI that may possibly make for a very attractive investment IMO:

1} BIRMINGHAM, MI - (NewMediaWire) - December 29, 2015 - PROGREEN PROPERTIES, INC (PROGREEN) (OTC PINK: PGEI) is pleased to announce that a letter of intent has been signed with AMERICAN RESIDENTIAL FASTIGHETER AB (AMREFA) (Sweden), for the acquisition of 100% of their US subsidiary, AMERICAN RESIDENTIAL GAP LLC (ARG). This will result in PROGREEN taking over 13 rental properties as well as a large property that has been completely rebuilt and is now ready to be sold on the open market. All properties are located in Oakland County, Michigan. Net value of the properties after debt is estimated at $1.1 M. Following all required approvals from AMREFA stockholders, we expect to complete this transaction in late January 2016.

2) BLOOMFIELD HILLS, MI - (NewMediaWire) - March 14, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that the acquisition of American Residential Gap LLC (ARG), a property holding company, has now been completed after an overwhelming yes vote at the shareholders meeting on March 8 of ARG's Swedish parent company, American Residential Fastigheter AB. This has resulted in bringing all 14 properties owned by ARG onto PROGREEN's books for a total stated net asset value of $1,285,000.acquisition was cashless, paid for by PROGREEN issuing 8,093,541 Class B 7% Preferred Shares to AMREFA, that are convertible into common stock after 12 months at average market price for the 20 trading days prior to March 8, 2017.

An outstanding 8% Note of $270,000 including accrued interest, in favor of AMREFA, was also cancelled under the agreement, with $70,000 being converted into the same class of preferred shares, and the remaining $200,000 to be paid back in cash from part of the proceeds from the sale of one of the 14 properties now acquired.

"This is a very big step forward for the company, resulting in a considerably improved balance sheet and further reduced debt," says Jan Telander, President.

3) BLOOMFIELD HILLS, MI - (NewMediaWire) - January 05, 2016 - PROGREEN PROPERTIES, INC. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that the discussions for a joint venture with a Mexican land owner in Baja California, as announced on October 28, 2015, have progressed very positively and we expect to complete the acquisition of a first tract of land (approx. 300 acres), before February 15, 2016. This first piece of land is intended to be divided into parcels for agriculture use. Once the infrastructure has been completed and the land has been prepared for active farming, the parcels will be leased or sold as prime farmland to local or foreign growers of produce, destined for the US market.


"This represents the beginning of what we believe is a huge opportunity to create long term sustainable growth for PROGREEN," says Jan Telander, President

4) BLOOMFIELD HILLS, MI - (NewMediaWire) - February 16, 2016 - PROGREEN PROPERTIES, INC. (PROGREEN), (OTC PINK: PGEI), is pleased to announce that a definitive joint venture agreement was executed in Ensenada, Mexico on February 13 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, as referred to in our earlier press release on January 5.

The JV provides for CONTEL to contribute the land to the JV at extremely low cost and favorable terms, as well as handling all planning, permits, preparation and construction, in order for the property to be marketed as prime farm land. PROGREEN will be responsible for providing the financing. Resulting profits from the resale of the property as developed farm land will be split equally between the two parties.

Work on this first tract of land has already commenced, which will include clearing and leveling of the land, construction of a large water reservoir and piping for irrigation. Water pumps will be powered by solar energy for sustainability. We anticipate completing the work over the coming two months, in order to offer the land for sale for this season's farming.

"We believe we are now in a break-through phase for PROGREEN's entry into this new area of real estate development, with the future looking very bright and healthy and anticipate to be able to communicate a series of positive news in near future," says Jan Telander, President.


5) BLOOMFIELD HILLS, MI - (NewMediaWire) - February 17, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI), is pleased to announce that the company has entered a phase of reducing debt, in order to dramatically improve its balance sheet. A first step in this process consists of the company having reached an agreement with its major shareholder, EIG Venture Capital Ltd (EIG), to assume a 13.5% convertible note due to Rupes Futura AB (Sweden). The outstanding principal, together with two years of accumulated unpaid interest for a total of $608,031, will in effect be removed from the company's balance sheet. EIG will be compensated by the issuance of a Class A Preferred Stock.

"This first step in our plan to eliminate debt dramatically improves our balance sheet and we are very pleased with EIG showing its support for and belief in the future of the company," says Jan Telander, President


6) ProGreen Gets $300,000 in Individual Capital Injection From the CEOs of EIG, Soltech and ProGreen

BLOOMFIELD HILLS, MI - (NewMediaWire) - February 22, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that the company has entered into a subscription agreement with three individuals. Frederic Telander, CEO of Soltech Energy Sweden AB, Ulf Telander, CEO of EIG Venture Capital Ltd and Jan Telander, President of the company, are each investing $100,000 in exchange for 100,000 Preferred Shares with a stated value of $1.00 per share. Amounts subscribed for will be invested by April 30, 2016, with the first $100,000 already funded.

The company is now upgrading its online image by building a new website, and is setting up its corporate communications to be disseminated through social media to be better able to inform the public about news and developments for PROGRESS.

"Management is upbeat about the direction the company has taken recently and for the confidence shown from important players, through this financial injection," says Jan Telander, CEO of PROGREEN

7) 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.

8) BLOOMFIELD TOWNSHIP, MI - (NewMediaWire) - May 17, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that a second Joint Venture agreement between PROGREEN and Inmobiliaria Contel, S.R.L. DE C.V. (CONTEL), was signed last week in Ensenada, Baja California, with PROGREEN providing the funding of up to $600,000, which will be considered a loan and will be repaid with priority. Once the investment has been recuperated, PROGREEN will receive 50% of profits produced either from the sale or lease of the land. The first JV, was announced in February, for approximately 300 acres with some 100 acres suitable for farming. The second JV agreement, represents a considerably larger tract of land, totaling approx. 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.

The second JV agreement also contains a 3-year option for additional 11,500 acres, with some 1,000-2,500 acres suitable for farming, again depending on the amount of water available. We estimate the development process to involve drilling 8-10 wells for the 1,900 acres and perhaps as many as 50 for the 11,500.

In order to ensure uninterrupted water exploration, CONTEL recently entered into a long term agreement with a local water drilling company.

"This new JV agreement provides an incredible long term opportunity for PROGREEN to create a substantial and sustainable income stream in the years to come," says Jan Telander, President & CEO.

9) BLOOMFIELD TOWNSHIP, MI - (NewMediaWire) - June 16, 2016 - PROGREEN PROPERTIES, INC. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that our new website has gone live on the new domain, www.ProGreenUS.com. We've taken all of the company's avenues of communication and put them together in one place. As part of our commitment to transparency, the company's share structure is posted on the homepage and will be updated during the first week of each month. Other information including SEC filings, press releases, blog posts and twitter updates will also be posted immediately on the website. Pictures and videos will be posted as they become available. Every effort will be made to keep shareholders well informed and up-to-date with the company's activities.

"This is a big step forward for the company, resulting in a considerable improvement in our ability to communicate with our investors, as well as with the general public at large," says Jan Telander, President.

10) 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.

11) BLOOMFIELD HILLS, MI - (NewMediaWire) - June 28, 2016 - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) has entered into a $5,000,000 equity line financing agreement with the Tangiers Global, LLC (Tangiers) investment fund.

The financing is in form of an Equity Line of Credit over a maximum of 36 months. An S-1 Registration Statement will be filed with the SEC for up to one hundred million (100,000,000) shares as part of this financing.

A further $22,000 is also being financed by Tangiers to cover the costs of the Registration Statement. This funding is in the form of a Note, convertible into restricted common stock at a fixed price of $0.03. The Note can also be repaid in cash by the Company at its option.

Tangiers has been issued 4,000,000 five year warrants with a strike price of $0.02 as a commitment fee.

For more details on the funding, please refer to 8-K filed yesterday.

"This funding gives the Company the platform to be able to speed up its business activities both in Mexico as well as here in the U.S. It also creates a financial base for the Company to seriously be able to look into solar projects," says Jan Telander, CEO & President.

"Tangiers is very pleased to have entered into this funding agreement with ProGreen. We believe in the company's business plan and can see realistic growth potential with the addition of our fixed funding commitment," says Michael Sobeck, Managing Member.

Message to shareholders from CEO Jan Telander:

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.


On July 11, 2016, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware providing for changing the name of the Company from ProGreen Properties, Inc. to ProGreen US, Inc. The change of the Company’s name will not become effective until it is approved by the Financial Industry Regulatory Authority as effective for trading purposes in the OTC markets.

Dividends may be paid on the Common Stock as and when declared by the Board of Directors


$$ PGEI $$