BLOOMFIELD HILLS, MI--(Marketwired - Mar 16, 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).
ProGreen is pleased to announce that the transfer of deed for the 5,000-acre oceanfront property to Procon has now been completed. The acquisition was first announced in a press release on February 2, 2017.
The property is for a large Residential/Resort community, for which a master plan is already being worked on. For further details see www.ProGreenUS.com.
The land was acquired at an extremely low price, with very favorable terms. This was made possible through our joint venture with Contel which, as a partner in Procon, will also benefit from future profits in the development. Without this strategic relationship, the acquisition would simply never have been possible.
The terms of the acquisition of the 5,000 acres of Pacific Ocean front land, are as follows:
Purchase price: $500,000
Payment terms - no interest
$20,000 ---- down payment
$30,000 ---- with execution of deed
$50,000 ---- 12/15/2017
$100,000 -- 12/15/2018
$100,000 -- 12/15/2019
$100,000 -- 12/15/2020
$100,000 -- 12/15/2021
The title has now been signed over in a public Deed, under the authority of a "Notario Público" (Public Notary) for entry into the Official Property Registry. A Public Notary, in Mexico, is a government-employed official whose primary responsibility is to manifest the legal transfer of properties from one party to another.
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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 U.S. 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."
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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.