ProGreen Completes Acquisition of American Residential Gap LLC
(firmenpresse) - BLOOMFIELD HILLS, MI -- (Marketwired) -- 03/14/16 -- ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) is pleased to announce that the acquisition of American Residential Gap LLC (ARG), a property holding company, has now been completed after an overwhelming yes vote at the shareholders meeting on March 8 of ARG''s Swedish parent company, American Residential Fastigheter AB.
This has resulted in bringing all 14 properties owned by ARG onto PROGREEN''s books for a total stated net asset value of $1,285,000.
The acquisition was cashless, paid for by PROGREEN issuing 8,093,541 Class B 7% Preferred Shares to AMREFA, that are convertible into common stock after 12 months at average market price for the 20 trading days prior to March 8, 2017.
An outstanding 8% Note of $270,000 including accrued interest, in favor of AMREFA, was also cancelled under the agreement, with $70,000 being converted into the same class of preferred shares, and the remaining $200,000 to be paid back in cash from part of the proceeds from the sale of one of the 14 properties now acquired.
"This is a very big step forward for the company, resulting in a considerably improved balance sheet and further reduced debt," says Jan Telander, President.
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. The company has also recently entered into property investments in Baja California, Mexico and expects this will be a sustainable growth sector for the company for 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.
Jan Telander
President & CEO
Phone: (248) 805-3652
Email:
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Datum: 14.03.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 1421415
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