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.

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