ProGreen announces forthcoming AGM and implementation of stronger management
BIRMINGHAM, Mich., May 15, 2012
BIRMINGHAM, Mich., May 15, 2012 /PRNewswire/ --ProGreen Properties, Inc.
(ProGreen), www.progreenproperties.com, OTCBB-PGEI, is pleased to announce
that it plans to hold an Annual Meeting, following the filing of its 10-K
Annual Report in July. Management will inform shareholders of the positive
turnaround of the company's business activities, as well as present new
management personnel and an added board member. Shareholders will also get to
vote on the approval of a stock option plan.
(Logo: http://photos.prnewswire.com/prnh/20101019/CL85266LOGO )
In view of the expected increase in ProGreen's business activities, as a
result of the recently announced agreement with American Residential Gap LLC,
the Board has approved an urgent plan to strengthen management and enhance
corporate governance practices.
Phase I of this plan will focus on identifying a qualified candidate as
Financial Controller/CFO and at least one other independent director to join
the board. It is the intention to have these positions filled prior to the
Phase II will focus on hiring strategic persons within Property Management,
Real Estate Acquisitions and Construction areas. Under the present plan, these
positions will need to be filled during the current financial year in order
for the company to be able to efficiently manage the projected expansion plan.
Further additions to the board are also planned in order to have at least five
permanent members by the end of the financial year.
Jan Telander, President & CEO
Phone: (248) 530-0770
Cell: (248) 805-3652
About ProGreen Properties, Inc.
ProGreen Properties, Inc. is a publicly traded property investment company
(OTCBB: PGEI) 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 property market.
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.
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
SOURCE ProGreen Properties, Inc.
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