ProGreen is pleased to announce that the last of the Company's mature convertible notes - with Vista Capital - has now been paid off in cash in order to avoid conversion.
The Vista note was the last of the convertible debt that the company accumulated earlier this year to finance the build out and operations of Rancho Arenoso, the first farm to be developed under the ProGreen Farms™ name; Capital was also needed for the land acquisition and early work on the master plan for the oceanfront resort community, Cielo Mar.
With these notes now paid off and the first year's harvest at Arenoso winding down, the Company is directing its full attention towards 2018 and furthering the Baja California projects.
“We are now cutting the final chili peppers for the season at the Arenoso farm, and are very pleased with the results from the top producing variety of the different types we grew this year. It produced well over expectations, with over 30 tons harvested per acre, giving us great confidence for a very good yield in 2018 as well a solid base for expansion." Says Jan Telander
About ProGreen US, Inc. ProGreen US, Inc., www.ProGreenUS.com, based in San Diego, California, is 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) as well as through its majority-owned Mexican subsidiary Procon Baja JV (Procon). Contel is now active in the high margin produce industry, growing crops for exporters to the US market, with an abundance of land available for expansion under our JV partnership. Procon has recently acquired 5,000 acres of land with 4.5 miles of oceanfront on the Bay of El Rosario, for which a master plan is being drawn for the development of a very large, totally green, international vacation and retirement community called "Cielo Mar."
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