ProGreen Properties, Inc. Closes on the First Sale of One of Its Properties

BIRMINGHAM, Mich., Aug. 5 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. ("ProGreen", OTC Bulletin Board: PGEI), www.progreenproperties.com, is pleased to announce its first sale of one of the properties that it has acquired. The property, situated in Farmington Hills, Michigan and acquired in March this year, was refurbished and upgraded to ProGreen standards and sold at a price 70% higher than the purchase price with an estimated net profit of approx. 25% after commissions and refurbishment costs.  The turnaround time of just over four months was faster than our estimated turnaround of six months for properties we acquire. The property was on the market for just over two weeks, which could indicate that the ProGreen concept is being received well, even in the present soft residential real estate marketplace. This also represents the first sale of a property listed by ProGreen Realty LLC, a wholly owned subsidiary of ProGreen.

ProGreen also announces the closing of two more acquisitions, one in Waterford and the other in Farmington Hills, both in Oakland County, MI.  These properties will be refurbished to ProGreen standards and marketed primarily in the same way as the property referred to above.

Within the next several weeks, ProGreen will also start marketing another larger property in a suburb of Oakland County (West Bloomfield) which was acquired in May and is now nearing completion.

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.