BLOOMFIELD HILLS, MI–(Marketwired – Feb 16, 2016) – ProGreen Properties, Inc. (ProGreen), (OTC PINK: PGEI), is pleased to announce that a definitive joint venture agreement was executed in Ensenada, Mexico on February 13 with INMOBILIARIA CONTEL S.R.L.C.V. (CONTEL) for the first tract of land of approximately 300 acres for agriculture use in Baja California, Mexico, as referred to in our earlier press release on January 5.
The JV provides for CONTEL to contribute the land to the JV at extremely low cost and favorable terms, as well as handling all planning, permits, preparation and construction, in order for the property to be marketed as prime farm land. ProGreen will be responsible for providing the financing. Resulting profits from the resale of the property as developed farm land will be split equally between the two parties.
Work on this first tract of land has already commenced, which will include clearing and leveling of the land, construction of a large water reservoir and piping for irrigation. Water pumps will be powered by solar energy for sustainability. We anticipate completing the work over the coming two months, in order to offer the land for sale for this season’s farming.
“We believe we are now in a break-through phase for ProGreen’s entry into this new area of real estate development, with the future looking very bright and healthy and anticipate to be able to communicate a series of positive news in near future,” says Jan Telander, President & CEO of ProGreen.
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.