A few short notes…

We have just released a new employee stock option plan, as seen in the recent 8k filing. The earlier plan that we had, expired without any options being issued. We are now entering a real growth phase for the company, and need to be able to offer an incentive package to attract and retain high-performing employees, which is why we have formed this new plan.

Recent photos and videos have been posted on our twitter and blog showing the farming operation at ProGreen Farms Arenoso, with now fast growing healthy chili peppers, which will represent our first crop. The day we will start harvesting is rapidly approaching. This, we believe, will be a real turning point for the company as it will begin showing revenues.

The 2nd Offer for Cielo Mar lot reservations is expected to launch within this month, and will be announced in a press release. Along with the excellent response to our 1st Offer, we received good feedback. We have devised a simpler and more streamlined method for making reservations, as we found the process for the first offer to be unnecessarily complex.

We have changed the reservations into a simple, one-step selection and payment process, with credit cards now being accepted on the reservation page.

Additional changes are that there will now be three different lot types, Oceanfront (limited to 1 per person), Golf Lots (limited to 2 per person) and General Lots, (limited to 5 per person); a total of 50 lots offered: 5 Oceanfront, 10 Golf and 35 General lots. All reservations will now be handled by Cielo Mar Reservations LLC, a company (subsidiary to ProGreen US, Inc.), especially set up for this purpose only.

Another advantage for the company is that it will now be able to use the funds deposited, rather than having the money held in escrow.

Further updates will be forthcoming.

Check back here for further business updates, and follow us on Twitter for alerts @ProGreenUS