BLOOMFIELD TOWNSHIP, MI–(Marketwired – May 18, 2017) – ProGreen US, Inc. (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, @ProGreenUS; Jan Telander, President and CEO of ProGreen, comments on the company’s agriculture project in Baja California:
“I am very pleased with the progress in Baja, and have the following update on the funding and development of the agriculture operations.
“The company has taken on several notes during this year as bridge financing, partly for our real estate project, Cielo Mar, but mainly to fund the necessary investments for development of, as well as operational costs for our first farm, Arenoso.
“All money invested in the agriculture operations is considered as loan, as per the JV with Contel, referred to in the press release dated January 23, 2017. We expect the loan to be repaid from revenues generated by this year’s harvest, with substantial annual yields to follow for years to come.
“With the financing disclosed in the 8K, and the Form D for compliance, filed yesterday, we don’t see any need for further bridge financing at this time. It is our full intention, as mentioned in earlier press releases, to pay off bridge financing notes in cash, as opposed to allowing them to convert. We believe we are now fully funded until such time that the income from the first harvest starts flowing, expected in July.
“We have just published aerial videos and photos of the ProGreen Farm – Arenoso – on ProGreenUS.com (on the agriculture project page), where you can see the scope and the present state of this agriculture development. We will add new photos and videos periodically.
“We plan to begin further agriculture land development as soon as we have the harvest underway, in line with our expansion plans for 2018.”
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