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ProGreen Properties, Inc. (ProGreen) (OTCQB-PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading potential income-producing residential real estate. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed US residential property market.
With US banks and other lending institutions holding vast number of foreclosed properties at this time and the credit market presently being extremely restricted, eliminating most buyers without cash funds, real estate prices are continuing to stay very low. This is creating great investment opportunities for cash buyers.
With so many people having lost their homes through foreclosure and this trend still continuing, it is resulting in an increasing demand in the rental market. This in turn, together with low property prices, is creating exceptional rental returns.
In a market place commonly offering old properties, acquired at low prices, given a coat of paint and rented to the first tenant that comes along, ProGreen has chosen a different business model. ProGreen is creating a corporate profile, offering “recycled” rental properties, refurbished to ProGreen’s exceptional standards, attracting a different and more demanding clientele, willing to pay higher rents for better quality. This is also resulting in greater tenant loyalty and respect for their rented homes.
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 homes, condominiums and apartments in the market place.
ProGreen rental returns are showing exceptional figures, giving ProGreen the ability to sell to property investors, fully managed properties with net returns of 8-9% and still have healthy profit margins.
ProGreen is now strengthening its efforts to establish a good relationship with particularly European property investors, wishing to enter into the US property market.
All properties are marketed exclusively by ProGreen Realty LLC, and managed by ProGreen Property Management LLC.
Our long term goal is to create a ProGreen Quality, Comfort and Energy Efficiency Certification (ProGreen Certification), for our homes, creating a new standard in the market place.
We strongly believe this will create a “stand-out” profile of ProGreen as a company as well as make our properties unique in the market place, resulting in a sustained appreciation in value over time.
ProGreen has engaged Young & Young Architects (www.yyachitects.com), a highly regarded and award winning Michigan firm. Their vast experience and expertise in special design and modern eco-friendly construction will bring ideas and solutions necessary for ProGreen to be able to transform average properties into energy efficient, practical and comfortable homes.
To make homes more energy efficient, we aim, whenever possible and practical, to improve insulation, use quality Energy Star compliable windows/doors, replace outdated furnaces, water heaters with high efficiency units, and if viable, implement other green energy solutions. To be able to offset some of the cost, for these types of improvements, we will strive to obtain tax credits, subsidies and/or grants.
To make homes more comfortable, we will try to optimize space by creating openness, with more natural light, as well as improve storage areas and aim to improve sound and thermal insulation, etc., all with a view to make even small condominiums and apartments eco-friendly, comfortable, homely and practical.
To create a healthier living environment, we seek to, among other things, use eco-friendly, paints, primers and adhesives; install Radon Barriers in high incident areas; improve air quality through better ventilation and air filtration in heating and air conditioning systems.
We are, at this point, focusing on well sought after areas within Oakland County (fourth richest county in the US) and surroundings, often considered prime residential areas with sought after school districts and limited crime rate.
The importance of communicating regularly with the investment community is essential for any listed company. Building public awareness of a sound business model that is likely to create good results, offers an attractive opportunity to investors, often resulting in the increase of price and liquidity in the stock.
ProGreen has contracted PrecisionIR (www.precisionir.com) in order to improve the communication of the company’s financial information to investors as well as to better channel the response to individual investors requests.
We believe that accelerating our Investor Relation efforts will create an increasing interest in our company and build sustainable liquidity in our stock.
ProGreen is managed by a small but very qualified group of people, which can best be described as the “ProGreen Team”.
Christina Lombera is an invaluable member of the “ProGreen Team”. Christina has 20 years experience in Real Estate and, as Office Manager, is overseeing the daily operations of ProGreen Properties, Inc., together with the President/CEO. Christina also manages ProGreen Realty LLC, as Principal Broker.
The “ProGreen Team” is led by Mr. Jan Telander, with over 30 years experience in the Real Estate and Equity Markets. In the early 1970s, his company, Construcciones Telac SA, was behind several major developments in southern Spain and grew to have over 150 employees.
In the late ‘90s, he founded EIG Capital Ltd. (EIG), a private family-owned investment company that has been involved with Private Placements in the US, as well as with acquiring early stage companies with real growth potential.
An example of such a company is Gas Turbine Efficiency PLC. (GTE), www.gtefficiency.com, a small Swedish Company with three employees when acquired by EIG. Following EIG’s ownership, GTE expanded rapidly internationally and was listed on AIM in London in 2005.
Soltech Energy Sweden AB (Soltech), www.soltechenergy.com, is a more recent acquisition by EIG. Soltech has developed a unique solar technology and is presently active in Sweden and Spain.
Mr. Telander brings to ProGreen a proven ability of combining opportunity, knowledge and people, creating a successful formula for building sustainable shareholder value.
This information could 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 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.