ProGreen US Inc (OTCMKTS:PGUS) shares jumped 40% to $0.0182 on Tuesday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $6.21 million at 348.39 million shares outstanding.
In a press release this week, ProGreen US Inc shared that it is in the process of establishing the necessary agricultural infrastructure for the joint venture with Inmobiliaria Contel and has established a direct channel with two different US fresh produce importers. This will enable Contel to manage produce growing operations on their own or in partnership with other growers on the 300 acres of land that forms part of the Joint Venture Agreement with ProGreen US Inc.
Apart from that, the company is also presently in advanced discussions with a landowner concerning the possible acquisition of 4,500 acres of oceanfront land through its subsidiary in Mexico, ProCon Baja. They intend to develop a master plan, obtain necessary permits and bring investors and developers into individual real estate projects.
“This potential real estate project is very exciting and could transform the future of ProGreen’s involvement in Baja California,” says Jan Telander, President and CEO of ProGreen US Inc.
Prior to this, the company gained further funding from Telander in the form of a credit line of up to $250,000. He expressed confidence in the company’s plans and outlook, citing that the credit line provides a most favorable financing arrangement for ProGreen US Inc until such a time that it can draw from the equity line financing under review by the SEC.
In December 6, 2016, ProGreen US Inc announced that, following mailing a Definitive Information Statement to stockholders about amendments to the Certificate of Incorporation to decrease the authorized shares of common stock from 1,500,000,000 to 950,000,000, on December 6, 2016, the company filed a Certificate of Amendment to our Certificate of Incorporation in Delaware.
The daily chart of ProGreen US shares reveals a significant pickup in volatility even as volume has been subdued. Price has staged a strong rally back in August and has corrected more than half this move before resuming the climb. Price could head back to the highs as more sets of positive company updates follow.
Formerly known as ProGreen Properties Inc, ProGreen US Inc is a company that owns and manages residential real estate rental property in the Oakland County, Michigan area. It is engaged in acquiring, refurbishing and upgrading residential real estate by purchasing residential real estate apartment homes, condominiums and houses in the State of Michigan.
Recently, ProGreen US Inc is focusing its investments and interest in agricultural land in Baja California, Mexico. Its investment properties are marketed by ProGreen Realty LLC, a which is a subsidiary and is managed by another subsidiary, Progreen Properties Management LLC. Subsidiary ProGreen Construction LLC performs various construction and development services for properties, which are held and under development.