BIRMINGHAM, Mich., Feb. 9 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. (OTC Bulletin Board: PGEI) www.progreenproperties.com, is pleased to announce the closing on their first Acquisition in 2010.

The property is a 1,256 sq. ft. 2 Bedroom, 2,5 Bathroom Condominium situated in the popular area of Farmington Hills, Oakland County, Michigan.

The property was acquired on Feb. 8 for $43,000 and was last sold in July 2000 for $143,150, Present Taxable Value is 146,520.

ProGreen has a further 7 accepted offers pending closing, all in Oakland County.

"With this first Acquisition and with many more, expected during 2010, we feel confident that we are on the right path in our investment strategy," said Jan Telander, President and CEO of ProGreen Properties Inc.

About ProGreen Properties Inc.

ProGreen is engaged in the business of acquiring income-producing residential real estate in the State of Michigan, where the Company believes favorable investment opportunities exist based on current market conditions.

This press release contains statements, 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. Such factors include; our ability to create, sustain, manage or forecast our growth; our ability to attract and retain key personnel; changes in our business strategy or development plans; competition; business disruptions; adverse publicity; and international, national and local general economic and market conditions.

SOURCE ProGreen Properties Inc.

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http://www.progreenproperties.com