ProGreen Moves Closer To Swedish Solar Technology For Residential Homes

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Company Moves Closer To Agreement with Solar Technology For Residential Homes

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“We are very happy to have reached this point in our collaboration with SolTech and expect to further integrate SolTech’s technology in our home building here in the US over the coming years... says Jan Telander, President & CEO.

ProGreen Properties, Inc. (“ProGreen”), (OTCQB-PGEI), announced in February 2011 that the company had signed a letter of intent with the Swedish company SolTech Energy Sweden AB (“Soltech”) relating to its proprietary and intelligent solar energy system.

ProGreen is very pleased to announce that SolTech now is in the final stages of completing the development of a product that will be suitable and compatible with US roof construction. The product has been developed together with SolTech’s Asian partner and fulfills two functions in one, being both a roof cladding and integrated solar solution, producing electricity. This makes it, perhaps the first esthetically appealing solution for implementation of solar energy.

ProGreen initially intends to try this product out on some suitable properties, with the intent, once properly tested, to implement this solar solution on all viable properties.

ProGreen also intends to deepen its collaboration with SolTech in more areas of energy efficiency for heating and cooling of homes. Sweden has a long history of constantly developing new ways to improve energy efficiency in general and Soltech can today be considered, as one of the leading innovators in the solar industry in the Country.

“We are very happy to have reached this point in our collaboration with SolTech and expect to further integrate SolTech’s technology in our home building here in the US over the coming years. Our goal has always been to be able to produce sustainable energy efficient homes with advanced integrated solar technology, and we now feel we can see the finishing line”, says Jan Telander, President & CEO.

About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (OTCQB: PGEI) based in Birmingham, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, with some being aimed at the local real estate market and some being leased and subsequently sold to European Property Investors.

PROGREEN believes that Michigan offers some of the best investment opportunities in the US residential property market.

PROGREEN wholly owned subsidiaries:
PROGREEN REALTY LLC, purchasing, leasing and sale of properties.
PROGREEN PROPERTY MANAGEMENT LLC, management of rental properties sold to investors.
PROGREEN CONSTRUCTION LLC, construction company

Safe Harbor Statement
“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”
SOURCE: ProGreen Properties, Inc

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