ProGreen Reduces Debt From Its Balance Sheet
(firmenpresse) - BLOOMFIELD HILLS, MI -- (Marketwired) -- 02/17/16 -- ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI), is pleased to announce that the company has entered a phase of reducing debt, in order to dramatically improve its balance sheet. A first step in this process consists of the company having reached an agreement with its major shareholder, EIG Venture Capital Ltd (EIG), to assume a 13.5% convertible note due to Rupes Futura AB (Sweden). The outstanding principal, together with two years of accumulated unpaid interest for a total of $608,031, will in effect be removed from the company's balance sheet. EIG will be compensated by the issuance of a Class A Preferred Stock.
"This first step in our plan to eliminate debt dramatically improves our balance sheet and we are very pleased with EIG showing its support for and belief in the future of the company," says Jan Telander, President.
PROGREEN PROPERTIES, INC. (PROGREEN) (OTC PINK: PGEI) based in Bloomfield Hills, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, some being aimed at the local real estate market and some sold to European Property Investors. The company has also recently entered into property investments in Baja California, Mexico. The company expects this will be a sustainable and growing activity for the company for many years to come.
This press release might contain information, 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 uncertainties.
Jan Telander
President & CEO
Phone: (248) 805-3652
Fax: (248) 731-7407
Email:
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Datum: 17.02.2016 - 12:00 Uhr
Sprache: Deutsch
News-ID 451158
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contact information:
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BLOOMFIELD HILLS, MI
Kategorie:
Commercial & Investment Banking
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