Business Brief
This Company Blog post might contain information, 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.
Any forward-looking information provided in this post should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained below.
The proposed $5.5M bridge financing is progressing well, though of course we would like it to be faster. To be clear, we do not see this like the situation with the previous lender, where repeated milestone delays led us to terminate the engagement when we were convinced that the lender was unable or unwilling to fulfill the commitment any time soon, if ever. We can say no more about the financing at this time, and we can give no assurance that we will be able to secure this financing.
Note holders have executed additional conversions since our last business update post 2 weeks ago, and the issued and outstanding shares of our common stock stands at 804,723,788 today. This has been updated on the Investors page at progreenus.com. To reiterate as stated previously, we intend to pay off remaining notes to avoid any further conversions as soon as we have the bridge funding in place.
The Cielo Mar project continues to move forward at a good pace, and we have begun publishing some recent renderings and drawings on the cielomarbaja.com site. As noted in the blog on November 1, the comment period for the public notice published by the authorities has expired without protest, and we are looking forward to having the Phase I plan approved.
The harvest continues at the Arenoso farm and 96 truckloads of peppers have now been delivered to Huy Fong, representing about 3.7 million pounds.