As clarification to questions related to the press release earlier today, we would like to state the following: The first JV, announced in February, had a PROGREEN funding requirement of up to $300K. The JV announced today has PROGREEN funding requirement of up to $600k. The funding should be considered as financing as it will be paid back from first revenues from the property. Once the “up to $600k” has been repaid to PROGREEN, all revenue from leased land will be split equally between CONTEL and PROGREEN, creating a solid revenue stream for both parties for years to come. As this JV concerns more than six times the compared to the first JV, but with only twice the capital need, it should be clear that this deal represents a huge opportunity for PROGREEN.
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