ProGreen Properties Inc. (ProGreen) (OTCQB: PGEI) is pleased to announce that ProGreen Constructions LLC (PGC), has now been set up as a subsidiary to ProGreen. This will be the third wholly owned subsidiary to be added to the ProGreen Group of Companies. PGC will create the in-house construction capability to both speed up construction cycles as well as enable the company to handle more and larger construction projects, while at the same time curb costs. PGC will be led by Tim Lee, formerly of Tim Lee Constructions, previously ProGreen’s main contractor. Tim has over 25 years of experience from the construction industry in Michigan.
PGC will now give ProGreen the capacity to produce new homes, to meet the increasing demand in the local market place. However, ProGreen will continue with its core business of acquiring distressed properties, refurbished to ProGreen’s high standards, leased to suitable tenants and subsequently sold to European Property Investors. These properties are managed by ProGreen Property Management LLC.
“Having our in-house construction company, will greatly improve our capacity as well as our competitiveness in the market place. It will not only speed things up and shorten turnaround time, improving profitability, but it will also give us better control over the whole construction process,” says Jan Telander, President.
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 modern affordable homes, with some being aimed at the local real estate market and some being leased and subsequently sold to European Property Investors.
ProGreen believes that Michigan offers some of the best investment opportunities in the US residential property market.
ProGreen wholly owned subsidiaries:
ProGreen Realty LLC, purchasing, leasing and sale of properties.
ProGreen Property Management LLC, management of properties sold to investors.
ProGreen Construction LLC, in house construction company
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.
Jan Telander, President & CEO
Phone Office: (248) 530-0770
Fax: (248) 731-7407
Mobile: (248) 805-3652
SOURCE: ProGreen Properties, Inc