BIRMINGHAM, MI - (NewMediaWire) - October 28, 2015 - ProGreen Properties, Inc. (ProGreen) (OTC PINK: PGEI) is pleased to announce that advanced discussions for a joint venture and/or purchase agreement for several thousand acres in Baja California, are presently under way with the Mexican land owner. The proposed first phase of 1,000 acres, designated for agriculture use, would be developed to generate a planned long term income stream for ProGreen. Further phases would contain resort, residential and commercial real estate properties, including 80 acres of beach front land, primarily aimed at the US retirement and vacation market.
ProGreen is presently negotiating terms with a funding source for this project.
"I am personally very excited with the prospect of getting into developments in Baja California, having started out as a builder/property developer Southern Spain some forty years ago. The major difference this time around, is the experience gained from building and selling over 500 homes in a country that, at the time, was so similar to what Baja California is today," says Jan Telander, President & CEO.
ProGreen also has been updated on the schedule for the initial hard cash investments from AMREFA, referred to in our announcement on August 14, 2015, which are now expected to be completed in January 2016.
About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (OTC PINK: 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.
The company is also presently looking into investment opportunities outside the US.
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.