BIRMINGHAM, MI, United States, via ETELIGIS INC., 07/20/2015 – – ProGreen Properties, Inc. (PROGREEN) (OTCQB: PGEI), is pleased to announce that its major shareholder, EIG Venture Capital Ltd., has completed a further funding round into PROGREEN and completed its obligations under its October 2009 subscription agreement entered into with the Company. EIG is now also implementing conversions of some of its debt to its European investors, into PROGREEN Restricted Stock, held by EIG, at the conversion rate of $0.20/share. This will further spread the shareholder base and increase the company’s stock market liquidity, as well as likely help to build volume and value in the market.
PROGREEN is now also discussing future business strategies with AMREFA in Sweden, with which the Company has already conducted numerous real estate transactions. Further contracts are likely to be signed with AMREFA in the near future.
“After having seen a decrease in activity with our European partners/clients in recent months, we are happy to report that we are now entering into, what we believe will be a new era for the Company with increasing business prospects. We have been in continuous discussions with AMREFA, whose management foresees an increased level of AMREFA’S real estate investments in PROGREEN’s properties for years to come, but starting already this year,” says Jan Telander, President.
About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (OTCQB: PGEI) based in Birmingham, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, some being aimed at the local real estate market and some sold to European Property Investors.
PROGREEN believes that Michigan offers some of the best investment opportunities in the US residential property market.
PROGREEN wholly owned subsidiaries:
PROGREEN REALTY LLC, purchasing, leasing and sale of properties.
PROGREEN PROPERTY MANAGEMENT LLC, management of properties sold to investors.
PROGREEN CONSTRUCTION LLC, in house construction company
This press release contains statements, 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.
Jan Telander, President & CEO
Phone: (248) 805-3652
Fax: (248) 731-7407
SOURCE: ProGreen Properties, Inc.