BIRMINGHAM, MI - (NewMediaWire) - August 11, 2015 - ProGreen Properties, Inc. (PROGREEN), (OTCQB: PGEI), is pleased to announce that the discussions with American Residential Fastigheter AB (AMREFA), as mentioned in previous press releases, have resulted in that several new agreements now have been signed, including a new joint venture addendum to the earlier investment agreement between the parties signed in July 2013. The agreement outlines further the investment strategies between the companies, with AMREFA funding all transactions and PROGREEN executing the work. Resulting profits are to be split equally between the companies.
Initial hard cash investments from AMREFA under this new joint venture agreement, are estimated to $1,200,000 for September/October, with further tranches following.
PROGREEN had several outstanding short term loan notes in favor of AMREFA, totaling some $289,000. These have now been restructured into a longer term installment agreement, with PROGREEN having paid the initial installment of $45,000, representing $16,000 in accrued interest and $29,000 of principal.
"We are very pleased to have seen a recent restructure of AMREFA, with the company replacing the majority of its board of directors. The new management are planning a fast increase in their US real estate activities. A much improved working relationship between the companies, is now in place and we have high expectations from AMREFA in the near as well as long term future," 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.