SOURCE: ProGreen Properties, Inc.

ProGreen Properties, Inc.

January 02, 2013 07:00 ET

ProGreen Completes Another Sale to American Residential GAP

BIRMINGHAM, MI--(Marketwire - Jan 2, 2013) - ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) announced in November, that American Residential GAP ApS (ARG) initiated its second round of acqusitions of fully managed investment properties from ProGreen. A smaller property sale was closed in November, and ProGreen is now pleased to announce that an additional sale was finalized just before Christmas.

ARG has recently strenghtened its management, and we believe it is now in a better position to accelerate its investments in US real estate.

ProGreen has now also begun purchasing single family homes, as opposed to previously only acquiring condominiums. We believe this will be a strong segment, going forward, as an increasing number of people are seeking comfortable homes to rent.

"It is our strong belief that 2013 will be the breakthrough year for ProGreen, with escalating business from ARG as well as what we expect from other European investment groups looking at opportunities in US real estate, with whom we are now discussing possible future sales and financing," says Jan Telander, CEO.

About ProGreen Properties, Inc.

ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) based in Birmingham, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into high yielding Investment Properties, subsequently sold to European Real Estate Investors. 

ProGreen believes that Michigan presently offers some of the best investment opportunities in the US property market.

ProGreen Realty LLC, a wholly owned subsidiary, is responsible for all purchasing, leasing and sale of properties.

ProGreen Property Management LLC, a wholly owned subsidiary, maintains management of all properties sold to investors.

This press release contains statements, 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.

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