BIRMINGHAM, Mich., June 4 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. (ProGreen) (OTC Bulletin Board: PGEI), www.progreenproperties.com, is pleased to announce that EIG Venture Capital Ltd. (EIG) has advanced an additional $400,000 as part of the remaining $500,000 funding due on or before July 16, 2010, pursuant to the Private Placement Agreement dated July 22, 2009.
"These funds further increase our balance sheet and enable us to, more aggressively, pursue our acquisitions of distressed properties in Oakland County, Michigan," says Jan Telander, President and CEO of ProGreen Properties, Inc.
ProGreen is also pleased to announce the appointment of Bryan Cherkasky as Vice President of Operations. Mr. Cherkasky has extensive experience in the construction field from his previous position at The Richard Group, a well known building and development company in Oakland County, Michigan. Mr. Cherkasky has a passion for "green thinking" and is a Certified Green Professional with the National Association of Home Builders.
"Enlisting Mr. Cherkasky as a member of the 'ProGreen Team' will bring green ideas and a more efficient measure of implementing green improvements, which will substantially reduce the cost of refurbishing our properties. Mr. Cherkasky's vast network of local craftsmen and suppliers, together with his proven record of managing small and large scale projects, will simplify the process and reduce the turn-around time to convert distressed properties into comfortable and efficient homes, ready to be rented and/or sold," says Jan Telander, President and CEO of ProGreen Properties, Inc.
About ProGreen Properties, Inc.
ProGreen Properties, Inc. (ProGreen) (OTCBB-PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading income-producing residential real estate. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed property market.
ProGreen's business model is to acquire, refurbish and upgrade existing properties into more energy efficient, comfortable and healthier living spaces so that they meet standards that exceed, what is often the norm for most single family, condominiums and apartments.
Initially we are focusing on acquiring condominiums in well sought after areas within Oakland County (fourth richest county in the US). We feel this will build a solid foundation, create early capital gain, generate good cash flow, as well as minimize risk exposure.
This press release could contain 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.