LOS ANGELES, May 15, 2014 /PRNewswire/ -- Primco
Management Inc. (OTCQB: PMCM), a medical marijuana, real estate
management and multi-media company, today announced that it has
executed a final settlement agreement with its largest convertible
note holder, WHC Capital, LLC. A cash signature payment required by
the settlement was made to WHC Capital, LLC by the Company on
May 14, 2014. Primco will also issue
a onetime fixed number of shares, as part of the settlement
consideration made.
Pursuant to the terms of the settlement agreement, both parties
have agreed to fully and mutually settle any and all outstanding
Primco debt obligations to WHC Capital, LLC. The settlement
prevents over a billion shares of potential conversions that
otherwise would have hit the market.
As of March 31, 2014, the Company
had obligations to WHC Capital in the amount of $482,255.75. These obligations will now be fully
settled.
"We are continuing the pursuit of our stated goal," stated David
Michery, CEO. "The repayment of all convertible debt and the
strengthening of our balance sheet for future growth. The
settlement with WHC is another vital step on the way to building a
market leader in the burgeoning marijuana industry."
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.