BLOOMFIELD HILLS, MI--(Marketwired - Jun 23, 2016) - ProGreen Properties, Inc. (PROGREEN) (
PROCON will be the holding company for the land referred to in press release dated May 17, 2016. This joint venture involves approximately 1,900 acres, with some 500-800 acres suitable for farming, depending on the amount of water that could be extracted through the drilling of fresh water wells.
"We are very pleased that we were able to form a subsidiary for our JV where PROGREEN can be the majority shareholder and therefore will be able reflect our share of the JV assets on the balance sheet. A majority interest in agriculture land can normally only be held by Mexicans, but we managed to find a structure for the JV that will permit assets of the JV to be reflected in our financial statements," says Jan Telander, President.
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.
For further Information, please contact:
President and CEO
Phone: 1 (248) 805-3652