BIRMINGHAM, MI--(Marketwired - Dec 29, 2015) - PROGREEN PROPERTIES, INC (PROGREEN) (
In this transaction AMREFA will receive preferred shares, convertible into common stock or redeemed after 12 months in exchange for the sale to us of their subsidiary, ARG, which holds all of their U.S. real estate investment properties. Of our current outstanding debt to AMREFA of approximately $270k, $200k will be paid off from the sale of the large property mentioned above and the remaining amount converted into preferred shares.
This represents a great step for PROGREEN, not only to substantially strengthen our balance sheet, but also as it provides an immediate income stream from the rental properties. It will also generate cash to reduce debt from the sale the large property that forms part of the portfolio.
About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (
PROGREEN wholly owned subsidiaries:
PROGREEN REALTY LLC, purchasing, leasing and sale of properties.
PROGREEN PROPERTY MANAGEMENT LLC, management of properties sold to investors.
PROGREEN CONSTRUCTION LLC, in house construction company.
Contact Information:
Jan Telander
Phone: 248 805 3652
Email: jan@progreenproperties.com
www.progreenproperties.com