ProGreen Properties, Inc. [OTCBB: PGEI], announced today its
financial results for the fiscal year ended April 30, 2011. The Company is expanding
its property holdings in the Oakland County, Michigan, market and is
demonstrating its ability to rehabilitate and lease or market residential
properties that it acquires.
2011 Financial Results
For the year ended April 30, 2011, revenues increased to $253,063 from $7,718,
an increase of $245,345 from the prior year ended April 30, 2010.
The Company reported a net loss for the year ended April 30, 2011 of $661,029,
or a loss of $0.01 per share, compared to a net loss of $273,280 for the year
ended April 30, 2010. The fiscal year 2011 net loss includes general and
administrative costs of $233,311, legal and professional fees of $230,740,
depreciation expense of $5,329 and interest expense of $110,613.
Jan Telander, CEO of ProGreen Properties, Inc., stated, "I am very
encouraged with the progress we have made over the last 12 months. We have
enhanced our property offerings and have increased revenues with more than
3,000%." He continued, "Beginning with the new 2012 fiscal year, we
are looking to focus on revenue growth, as we leverage the groundwork we laid
in 2010 and 2011 and look to enter the market for larger multi-family apartment
complexes, subject to the availability of financing, and of course continue our
current property acquisitions strategy."
About ProGreen Properties, Inc.:
ProGreen Properties, Inc. (ProGreen) (OTCBB-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 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.
Suzanne Holbrook
Contact:
Jan Telander
President CEO
ProGreen Properties, Inc.
380 North Old Woodward Avenue
Suite 226
Birmingham, MI 48009
Phone: (248) 530-0770
Fax: (248) 731-7407
