ProGreen Properties, Inc. Files Annual Report on Form 10-K for the Fiscal Year Ended April 30, 2010

BIRMINGHAM, Mich., Aug. 2 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. (OTC Bulletin Board: PGEI), www.progreenproperties.com, announces that the Company filed its Annual Report on Form 10-K with the SEC July 29.  Total revenue for the year ended April 30, 2010 was $7,718, reflecting the commencement of operations by the purchase of an initial four residential rental properties. The Company reported a loss of $273,280 from continuing operations, reflecting start-up costs and public company accounting and legal expenses.

The Company is also pleased to announce the election of Henrik Sellmann as a member of ProGreen Properties' Board of Directors on July 26, 2010, as reported in the 10-K Annual Report. Mr. Sellmann founded Nordic Flanges AB (Stockholm, Sweden) in 1981 and sold the company in 2006, but stayed on as CEO until 2008. Mr. Sellmann is still a member of the Nordic Flanges board. Nordic Flanges is involved in trading and production of forged flanges with a global distribution.

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.