ProGreen Announces Cash Settlement of Note and Sale of Michigan Properties
SAN DIEGO, CA–(Marketwired – Jul 20, 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), www.CieloMarBaja.com.
In our press release dated May 18, 2017, we stated that we had completed the necessary bridge financing and that our intention was to pay off the issued convertible notes in cash instead of allowing them to convert. We are now pleased to announce a settlement agreement with Luke Hoppel (holder of the first note coming due), for a cash payment in lieu of any conversion. The amount remains the same as stated in the original note, but will now be paid in 3 equal amounts on August 1st, 10th and 20th.
Also we would like to announce that we recently sold two more properties of our Michigan portfolio, with 6 remaining.
“The Company has not issued any conversion shares since March 31, 2016 and we remain steadfast in our position to pay off notes in cash, in order to avoid conversion and dilution,” says Jan Telander President & CEO.
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 US market, with an abundance of land available for expansion under our JV partnership. Procon has recently acquired 5,000 acres of land with 4.5 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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