Primco Files Preliminary Form 14c to Increase Authorized Shares
LOS ANGELES, Feb. 19, 2014 /PRNewswire/ -- Primco Management Inc. (OTCQB: PMCM), a fully integrated multi-media entertainment and real estate development company today announced that the Company has filed Form 14c, as required by the Securities and Exchange Commission, informing shareholders of an increase in the authorized to 25 billion common shares as a reserve requirement for possible future conversion issuances, in accordance with contractual obligations to convertible debt holders based on the recent low stock price of $0.0001. The increase will further allow Primco to have sufficient shares available for equity funding, and/or for potential acquisitions which the Board of Directors may determine is in the best interest of the shareholders.
In light of the recent increase in the share price by over 4500%, Primco now expects to reduce by more than 90% the number of shares it would have otherwise issued and is presently in negotiations with private investors for equity capital which would potentially enable Primco to repay all of its convertible debt and improve its balance sheet.
The Company is moving forward aggressively to meet its newly stated goals in the medical marijuana industry and expects to announce positive developments in the very near future.
About Primco Management Inc. www.primcousa.com: 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.
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.
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