ProGreen Properties, Inc., Signs Letter of Intent With SolTech Energy Sweden AB

BIRMINGHAM, Mich., Feb. 14, 2011 /PRNewswire/ -- ProGreen Properties, Inc. ("ProGreen") www.progreenproperties.com, (OTC Bulletin Board: PGEI). ProGreen is pleased to announce that it has signed a Letter of Intent ("LOI") to SolTech Energy Sweden AB ("SolTech") www.SolTechEnergy.com.  The basis of the LOI is to commence an in depth evaluation and analysis relating to the prospect of introducing SolTech's unique solar technology and products to the US housing market.

(Logo: http://photos.prnewswire.com/prnh/20101019/CL85266LOGO )

SolTech's solar energy technology is unique since representing new roof and/or wall cladding and a solar collector, whereby the south facing part of a roof and/or wall can become one huge thermal solar panel, placed under glass roof tiles and thus creating or maintaining an esthetically appealing look of the building.  Because of the large size, massive amounts of energy can be generated, which substantially reduces the cost of energy for heating, as well as the cost of hot water. SolTech is now also, as an add on, developing a system that is able to produce electricity from the same thermal solar energy source when surplus energy is produced, as for example during the summer when heating is not needed. The efficiency of this dual use of the sun as an energy source in one system, is expected to be higher compared to other solar energy solutions, resulting in greater financial returns, as well as in improving the environment.

"We are very excited about this first step towards this new opportunity for ProGreen, as it could not only result in ProGreen implementing a new unique solar application to future real estate projects, but also open the door to possible creating an independent solar division of ProGreen, once the concept has been proven on our own properties," Says Jan Telander, CEO of 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, remodeling and upgrading residential real estate into more energy efficient, modern comfortable living spaces. These properties are then marketed as ProGreen Homes. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed US property market.

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.