ProGreen Properties, Inc. Extends Filing Date for Equity Line Financing

Oct 20, 2010, 07:00 ET from ProGreen Properties Inc.

BIRMINGHAM, Mich., Oct. 20 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. (ProGreen),, announced that on October 18, 2010 the company entered into an amendment to its $2,500,000 equity line financing agreement with Leaddog Capital LLP (Leaddog), New York, NY, to delay until March 1, 2011 or later, the filing of the Registration Statement for the equity line offering. For the equity line financing a maximum of ten million (10,000,000) shares would be registered for the offering, which would be over a period of a maximum of 24 months.

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We have amended the equity line financing agreement to provide that we shall use our reasonable best efforts to have the Registration Statement for the equity line financing filed on or before March 1, 2011, subject to further extension by agreement of the parties.  We extended the filing date since at this time we are building awareness in the marketplace for our common stock and are not in need of any funding at this point.  We will continue to monitor our need for the equity line financing and will take into account the potential effect of that financing on the market for our common stock as we proceed.

Full information about this Equity Line of Credit can be found in the 8-K filed yesterday.

ProGreen Properties, Inc. (ProGreen) (OTC Bulletin Board: PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading residential real estate. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed US property market.

Contact: Jan Telander, President & CEO P: (248) 530-0770 F: (248) 731-7407

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.