ProGreen Properties, Inc. Announces Completion of Funding Tranche
BIRMINGHAM, Mich., May 13 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. (ProGreen) (OTC Bulletin Board: PGEI), www.progreenproperties.com. ProGreen is pleased to announce that EIG Venture Capital Ltd. (EIG) has completed the funding of $390,000, that was due on December 31, 2009 pursuant to the Private Placement Agreement dated July 22, 2009. Due to the delay in completing this payment, EIG also paid a penalty interest of $18,752.
"This injection of capital enables ProGreen to speed up its acquisitions of distressed real estate in Oakland County, Michigan," says Jan Telander, CEO, ProGreen Properties, Inc.
ProGreen is also pleased to announce the closing of another acquisition in West Bloomfield, Oakland County, Michigan.
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.
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