SOURCE: ProGreen Properties, Inc.

ProGreen Properties, Inc.

May 17, 2016 07:30 ET

ProGreen Executes New Joint Venture Agreement With Inmobiliaria Contel

BLOOMFIELD TOWNSHIP, MI--(Marketwired - May 17, 2016) - ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that a second Joint Venture agreement between PROGREEN and Inmobiliaria Contel, S.R.L. DE C.V. (CONTEL), was signed last week in Ensenada, Baja California, with PROGREEN providing the funding of up to $600,000, which will be considered a loan and will be repaid with priority. Once the investment has been recuperated, PROGREEN will receive 50% of profits produced either from the sale or lease of the land. The first JV, was announced in February, for approximately 300 acres with some 100 acres suitable for farming. The second JV agreement, represents a considerably larger tract of land, totaling approx. 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.

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) (OTC PINK: PGEI) based in Bloomfield Hills, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, offered for sale with Land Contracts to buyers still unable to obtain conventional credit. The company has also recently entered into property investments in Baja California, Mexico. The company expects this will be a sustainable and growing activity for the company for many years to come.

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.

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