Birmingham, MI (PressExposure) August 10, 2011 -- ProGreen Properties, Inc. [OTCBB: PGEI] http://www.progreenproperties.com, 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."
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