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SOURCE Primco Management Inc.
Company Reaches Next Milestone in Strengthening its Balance Sheet to Create Value for Shareholders
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
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