BLOOMFIELD TOWNSHIP, MI--(Marketwired - May 17, 2016) - ProGreen Properties, Inc. (PROGREEN) (
The second JV agreement also contains a 3-year option for additional 11,500 acres, with some 1,000-2,500 acres suitable for farming, again depending on the amount of water available. We estimate the development process to involve drilling 8-10 wells for the 1,900 acres and perhaps as many as 50 for the 11,500.
In order to ensure uninterrupted water exploration, CONTEL recently entered into a long term agreement with a local water drilling company.
"This new JV agreement provides an incredible long term opportunity for PROGREEN to create a substantial and sustainable income stream in the years to come," says Jan Telander, President & CEO.
About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (
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.
Contact Information:
Contact:
Jan Telander
President & CEO
Phone: (248) 805-3652
Email: jan@progreenproperties