ProGreen Properties has received an additional USD400,000 from EIG Venture Capital as part of the remaining USD500,000 funding due on or before 16 July 2010, pursuant to the private placement agreement dated 22 July 2009.
"These funds further increase our balance sheet and enable us to, more aggressively, pursue our acquisitions of distressed properties in Oakland County, Michigan," says Jan Telander, president and chief executive of ProGreen Properties.
ProGreen has also appointed Bryan Cherkasky as vice president of operations. Cherkasky has experience in the construction field from his previous position at The Richard Group, a building and development company in Oakland County, Michigan.
"Enlisting Mr. Cherkasky as a member of the ProGreen team will bring green ideas and a more efficient measure of implementing green improvements, which will substantially reduce the cost of refurbishing our properties. Mr. Cherkasky’s vast network of local craftsmen and suppliers, together with his proven record of managing small and large scale projects, will simplify the process and reduce the turn-around time to convert distressed properties into comfortable and efficient homes, ready to be rented and/or sold," says Telander.
ProGreen Properties was launched in 2009 and is engaged in the business of acquiring, refurbishing and upgrading income-producing residential real estate.
