SAN DIEGO, CA, Dec. 05, 2017 (GLOBE NEWSWIRE) — ProGreen US, Inc., (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, Twitter @ProGreenUS; ProGreen is pleased to announce that the last of the Company’s mature convertible notes – with Vista Capital – has now been paid off in cash in order to avoid conversion.
The Vista note was the last of the convertible debt that the company accumulated earlier this year to finance the build out and operations of Rancho Arenoso, the first farm to be developed under the ProGreen Farms™ name; Capital was also needed for the land acquisition and early work on the master plan for the oceanfront resort community, Cielo Mar.
With these notes now paid off and the first year’s harvest at Arenoso winding down, the Company is directing its full attention towards 2018 and furthering the Baja California projects.
“We are now cutting the final chili peppers for the season at the Arenoso farm, and are very pleased with the results from the top producing variety of the different types we grew this year. It produced well over expectations, with over 30 tonnes harvested per acre, giving us great confidence for a very good yield in 2018 as well a solid base for expansion.” Says Jan Telander, CEO of ProGreen.
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