LOS ANGELES, April 4, 2014 /PRNewswire/ -- Primco
Management Inc. (OTCQB: PMCM), a medical marijuana, real estate
management and multi-media company, today announced that the
Company has made a final cash payment to Asher for all outstanding
convertible securities, now marked "Paid In Full" which result
in the cancellation of over 2 billion shares in reserve and pending
conversions. The remaining debt holders have agreed to terms and
all transactions are expected to be completed in the coming
weeks.
"Today is a major milestone in our quest to rebuild this
Company," stated David Michery, CEO. "The repayment of all
convertible debt with Asher cancels over 2 billion shares now held
in reserve. The Board has determined that a smaller increase
in the authorized is all we need to fund our future plans in
medical marijuana. My words to the shareholders are: 'Yes we
cannabis, paid in full!'"
The Board of Directors has announced that the Company will
reduce the increase in authorized shares from 25 billion,
as previously reported, to 10 billion, resulting in an
increase of 5 billion shares for the future growth of the Company's
medical marijuana operations. The changes will be
reflected in Primco's amended 14c filing, anticipated in the next
90 to 120 days.
About Primco Management Inc.:
Through its wholly-owned subsidiaries, ESMG Inc., Top Sail
Productions and D & B Music, Inc., the Company operates as an
integrated entertainment company with divisions in music and film
production and distribution. Primco also operates in various
aspects of the real estate industry. (For additional information,
visit www.primcousa.com).
Disclaimer: The Company relies upon the Safe Harbor Laws of
1933, 1934 and 1995 for all public news releases. Statements, which
are not historical facts, are forward-looking statements. The
company, through its management, makes forward-looking public
statements concerning its expected future operations, performance
and other developments. Such forward-looking statements are
necessarily estimates reflecting the company's best judgment based
upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors
will not affect the accuracy of such forward-looking statements. It
is impossible to identify all such factors. Factors which could
cause actual results to differ materially from those estimated by
the company include, but are not limited to, government regulation;
managing and maintaining growth; the effect of adverse publicity;
litigation; competition; and other factors which may be identified
from time to time in the company's public announcements.
Contact:
|
David Michery,
CEO,
|
|
(562)
565-9967
|
SOURCE Primco Management Inc.