ProGreen announces forthcoming AGM and implementation of stronger management

 ProGreen announces forthcoming AGM and implementation of stronger management  PR Newswire  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 Annual Meeting.  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.  Contact: Jan Telander, President & CEO Phone: (248) 530-0770 Cell: (248) 805-3652 Fax:(248) 731-7407 Email:jan@progreenproperties.com www.progreenproperties.com  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 market conditions.  SOURCE ProGreen Properties, Inc.  
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