ProGreen Properties Inc. (PGEI) in the green after annual results

Posted on: Wednesday, August 3rd, 2011
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ProGreen Properties Inc. (OTCBB: PGEI) watched its shares soar 140% to six cents Wednesday, on strong end-of-fiscal-year results. Volume for the stock registered 15,000 shares.

A press release issued August 3 noted that the company, based in Birmingham, Michigan, declared revenues increased to $253,063 from $7,718 for the year ended April 30, 2011, 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., was quoted in the same release thus: “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 more than 3,000%.”

Telander 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.”

Only two years old, 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 U.S. property market.

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Category: OTCBB, Penny Stocks
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