BIRMINGHAM, MI--(Mar 6, 2013) - ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) acquired its first Single Family Residence (SFR) on January 21, 2013. After completing a major refurbishment of the property, a suitable tenant was found, signed a two year lease and moved in during the last week of February. The property was sold to ARG on March 1. The very short turn-around time from purchase to completed sale of just over 5 weeks, is showing that ProGreen is now prepared and ready to expand at a faster pace.
"We are very excited to prove our concept within the SFR segment with such a good result. This is by far the quickest turnaround of acquiring, refurbishing, leasing and selling a property for ProGreen, proving that we now have perfected our business model," says Jan Telander (President &CEO).
About ProGreen Properties, Inc.
ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) based in Birmingham, Michigan is engaged in the business of acquiring, refurbishing and upgrading residential real estate into high yielding Investment Properties, that are subsequently sold to European Real Estate Investors.
ProGreen believes that Michigan presently offers some of the best investment opportunities in the US property market.
ProGreen Realty LLC, a wholly owned subsidiary to ProGreen, is responsible for all purchasing, leasing and sale of properties.
ProGreen Property Management LLC, a wholly owned subsidiary to ProGreen, maintains management of all properties sold to investors.
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.
President & CEO
Office: (248) 530-0770
Fax: (248) 731-7407
Mobile: (248) 805-3652
SOURCE: ProGreen Properties, Inc.