BLOOMFIELD HILLS, MI–(Marketwired – Feb 17, 2016) – ProGreen Properties, Inc. (ProGreen), (OTC PINK: PGEI), is pleased to announce that the company has entered a phase of reducing debt, in order to dramatically improve its balance sheet. A first step in this process consists of the company having reached an agreement with its major shareholder, EIG Venture Capital Ltd (EIG), to assume a 13.5% convertible note due to Rupes Futura AB (Sweden). The outstanding principal, together with two years of accumulated unpaid interest for a total of $608,031, will in effect be removed from the company’s balance sheet. EIG will be compensated by the issuance of a Class A Preferred Stock.
“This first step in our plan to eliminate debt dramatically improves our balance sheet and we are very pleased with EIG showing its support for and belief in the future of the company,” 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.