BLOOMFIELD TOWNSHIP, MI--(NewMediaWire - May 18, 2017) -
ProGreen US, Inc. (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, @ProGreenUS, is a US
company engaged primarily with investments in agricultural and real
estate projects in Baja California, Mexico, both through its joint
venture partnership with Inmobiliaria Contel S.R.L.C.V. (Contel)
and through its majority-owned Mexican subsidiary Procon Baja JV
(Procon), www.CieloMarBaja.com.
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."
Websites:
www.ProGreenUS.com
www.CieloMarBaja.com
Follow us on social media:
https://www.facebook.com/ProGreenFarms/
https://www.facebook.com/cielomarbajacamx/
https://twitter.com/ProGreenUS
https://progreenus.wordpress.com/
About ProGreen US, Inc.
PROGREEN US, INC., www.ProGreenUS.com, based in Bloomfield,
Michigan, is engaged primarily with investments in agricultural and
real estate projects in Baja California, Mexico, both through its
joint venture partnership with Inmobiliaria Contel S.R.L.C.V.
(Contel) as well as through its majority-owned Mexican subsidiary
Procon Baja JV (Procon). Contel is now active in the high margin
produce industry, growing crops for exporters to the US market,
with an abundance of land available for expansion under our JV
partnership. Procon has recently acquired 5,100 acres of land with
4.7 miles of oceanfront on the Bay of El Rosario, for which a
master plan is being drawn for the development of a very large,
totally green, international vacation and retirement community
called "Cielo Mar."
Independent Stock Message Forum:
http://investorshangout.com/ProGreen-US-PGUS-65470/
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.