BIRMINGHAM, MI–(Marketwired – Oct 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 U.S. 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 in 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 of ProGreen.
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.
This press release 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.