BLOOMFIELD, MI--(Marketwired - Dec 13, 2016) - ProGreen US, Inc. (ProGreen) www.ProGreenUS.com (OTCQB: PGUS) is pleased to communicate that Inmobiliaria Contel (Contel), with which ProGreen has a joint venture partnership, has declared that, in the process of establishing the necessary agricultural infrastructure for the joint venture, they have established a direct channel with two different US fresh produce importers. This enables Contel to manage produce growing operations on their own or in partnership with other growers on the 300 acres of land that forms part of the Joint Venture Agreement with ProGreen, entered into last February. As a producer, Contel will be able to grow more than one cycle per year on the property, an efficient use of the land.
With regard to further real estate investment opportunities, ProGreen is presently in advanced discussions with a landowner concerning the possible acquisition of 4,500 acres of oceanfront land through its subsidiary in Mexico, ProCon Baja. The intention would be to develop a master plan, obtain necessary permits and bring investors and developers into individual real estate projects.
"This potential real estate project is very exciting and could transform the future of ProGreen's involvement in Baja California," says Jan Telander, President and CEO.
PROGREEN US, INC., www.ProGreenUS.com, based in Bloomfield, Michigan, has been 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. At this time the company is not acquiring further properties, but is instead focusing on intensifying its property investments in Baja California, Mexico, both through its joint venture partnership with Contel as well as through its subsidiary Procon Baja JV.
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.