ProGreen Properties, Inc. Business Update

BIRMINGHAM, Mich., Nov. 8, 2011 /PRNewswire/ -- ProGreen Properties, Inc. (ProGreen), OTCBB-PGEI, www.progreenproperties.com, is pleased to announce the following business update.

Having completed our first sale to a European Investor, as announced last week, ProGreen is pleased to communicate that negotiations with a second investment group, also based in Scandinavia, are proceeding well. This represents a great opportunity for ProGreen to partner up with a potentially larger European Investment Group. This group is interested in creating a sustainable partnership with ProGreen, in order to invest in income producing properties in the US, initially in one or two smaller tranches, but subsequently on a larger scale, including acquisitions of multi-family projects. The partnership will also result in that ProGreen would be retained for the property management of these properties through its wholly owned subsidiary, ProGreen Property Management LLC. The first sale to this group is expected to close during this year.

"We now feel that our hard work, during the past year, implementing and promoting our business model, is starting to pay off, with a substantial increase in interest in our investment properties, both from the international as well as from the domestic market," says Jan Telander, President & CEO.

ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern, comfortable and more energy efficient homes. 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
[email protected]  
www.progreenproperties.com

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.