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
AI
