New CEO has a collection of gold and platinum disks, and a list of failed penny stock enterprises
PMCM welcomes David Michery as its new CEO
PMCM Names David Michery CEO
Along with the acquisition, PMCM had welcomed a new president and CEO in the face of David Michery. The press release focuses on the extensive gold and platinum collection of Mr. Michery, but it skips to say the he also has quite an extensive history with numerous entertainment penny stock companies.
Out of the various enterprises David Michery has been involved with, I will only focus on the last one – a company called Seven Arts Entertainment Inc (SAPX) where Mr. Michery was appointed as CEO of its music division in June 2012. You can see what happened with SAPX stock value in the last six months on the attached chart – a nose dive from $4 per share down to $0.017 as of today.
then again a peculiar case surges regarding PMCM’s ownership status. An official SEC filing shows that on Oct. 17, 2012, an entity named Zahoor Ahmad, realtor at ReMax Performance Realty Inc, had acquired 86.5% beneficial ownership in the company. Subsequently he was appointed as CEO and CFO of PMCM. The same filing states that “Mr. Ahmad used personal funds of $346,380 to purchase 8,000,000 Primco Management Inc. shares”, which translates into $0.04 per share. Given that PMCM currently trades at $0.2 per share, we can now officially call Mr. Ahmad a millionaire.
Zahoor Ahmad, CEO of PMCM
Zahoor Ahmad, CEO&CFO of PMCM
It must also be noted that in October PMCM had increased the number of its authorized shares from 25 million to 500 million, which was accompanied by a 20-for-1 stock split. Thus the number of PMCP outstanding common shares was increased from 9,245,600 to 184,912,000.