ProGreen''s Baja Development Reaches 80% of First Pre-Sales Lot Reservations
(firmenpresse) - BLOOMFIELD HILLS, MI -- (Marketwired) -- 05/31/17 -- ProGreen US, Inc. (ProGreen), (OTCQB: PGUS), , (at)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), .
ProGreen is very pleased to communicate that the First Reservation Offer for its ocean front development in Baja California, Cielo Mar, is drawing to a close. 24 of the 30 lots that were offered now have executed reservation agreements, leaving only 6 available with one additional reservation request pending. There are also 6 commitments for early construction, once the planning has been approved. See details at .
Revenue from these reservations, once the definitive purchase agreements have been executed, is expected to be close to $3.5 million USD including the construction of 6 houses.
"In February we set a preliminary goal to sell 25 lots during the first year. As we already have 24 lot purchase reservations since launching the offer in late April, we do expect to present a substantially revised goal in the near future," says Jan Telander, President and CEO.
PROGREEN US, INC., , 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 5,100 acres of land with 4.7 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."
Independent Stock Message Forum:
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 and CEO
Phone: 1 (248) 805-3652
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Datum: 31.05.2017 - 06:00 Uhr
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News-ID 1506678
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