BLOOMFIELD TOWNSHIP, MI--(Marketwired - Feb 2, 2017) - ProGreen US, Inc. (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, Twitter @ProGreenUS, is pleased to announce that ProGreen's subsidiary, Procon Baja JV (Procon), has entered into a definitive purchase agreement for an ocean front tract of land situated near the town of El Rosario in Baja California. The land gently slopes towards the Pacific Ocean and covers a total area of 2,056 ha (5,100 acres) with 7,5 km (4.7 miles) of ocean front.
The land area is 233 ha (580 acres) larger than what was initially communicated on the company's website on December 21, 2016, as the land has been extended with a further 1.1 km (0.7 miles) oceanfront that initially was not included.
The architects will start working on a master plan, as soon as the land survey, currently in progress, has been completed, and an up to date plan of the land has been drawn.
We are presently in the process of building the management team for this development. Details on the members of this team will be published during the month of February. We will also initiate discussions with development partners once the initial development plans have been completed.
During February, we will also be launching a development website, where the public will be able to follow the progress of this planned community, from the very start.
"This real estate project will transform the future of ProGreen's involvement in Baja California. Having been a property developer for most of my life, I want to express that this development is the most exciting project that I have ever been involved with," said 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.