ProGreen Properties, Inc. (OTCPK:PGEI) signed a letter of intent to acquire American Residential Gap LLC from American Residential Gap ApS for on December 29, 2015. As on March 8, 2016, ProGreen Properties, Inc. entered into a purchase agreement to acquire American Residential Gap LLC from American Residential Gap ApS for $1.3 million. Under the terms of the agreement, ProGreen Properties will issue 8 million Series B convertible preferred stocks. ProGreen Properties will also issue 0.44 million Series B convertible preferred stocks to American Residential Fastigheter to payoff the outstanding debt, the remaining debt will be paid in cash.

ProGreen Properties, Inc. completed the acquisition of American Residential Gap LLC from American Residential Gap ApS on March 14, 2016.