ProGreen completes debt payment, and turns focus to speeding up its Baja California projects
December 05 2017 - 8:40AM
InvestorsHub NewsWire
San Diego, CA -- December 05, 2017 -- InvestorsHub 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
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
http://www.progreenus.com/blog
About ProGreen US, Inc.
ProGreen US, Inc., www.ProGreenUS.com,
based in San Diego, California, 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 5,000 acres of land with 4.5 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.
ProGreen US, Inc.
Jan Telander
President and CEO
Jan@ProGreenUS.com
Phone: 1 (248) 805-3652
www.ProGreenUS.com