Primco Management's Real Estate Division Launches Its First Property Development Project under a Joint Venture Deal with Total Construction Resources
LOS ANGELES--(BUSINESS WIRE)-- Primco Management Inc. (OTCQB: PMCM), a fully integrated multi-media entertainment and real estate development company, is proud to announce that it has launched its first property development Joint Venture with highly renowned Whittier, California based property developer and construction company Total Resources Inc. The joint project, known as "Tuscany Villas," is an upscale 60 townhouse development on a 3.55 acre site located in Corona, California, for which building approvals and tract divisions have already been obtained.
Primco's real estate development division is headed by Vice President of Operations, Ramiro Guzman. For over 20 years, Mr. Guzman has managed, owned and operated real estate and construction companies, and has been a real estate broker and licensed by the DRE since 1991, with a proven history of outstanding results in acquiring, rehabilitating, and selling properties.
"We are extremely excited to launch our real estate division's operations with such a well-positioned and strategically important residential construction such as 'Tuscany Villas' in Corona, California. This unique opportunity provides our shareholders with hard assets and diversification as we hit the ground running with this already approved and building ready project," stated David Michery, CEO. "The Los Angeles area is leading the country's rebound with rapid appreciation in real estate market values and will continue to ride the wave for years to come. With this construction, we are projecting net profits in excess of $ 5 million from the sale of the townhouse units. The project calls for the sale of units in three phases enabling us to finance subsequent phases with the cash flow from earlier phases. Our multi-year joint venture with Total Construction Resources will result in several other carefully evaluated, planned and lucrative real estate opportunities."
About Primco Management Inc.:
Through its wholly-owned subsidiary, ESMG Inc., the Company operates as an integrated entertainment company with divisions in music and film production and distribution, and is launching additional divisions in television, radio and online sports. 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.
Primco Management/ESMG Inc. & Top Sail Productions
Alan Bailey - CFO
KEYWORDS: United States North America California
The article Primco Management's Real Estate Division Launches Its First Property Development Project under a Joint Venture Deal with Total Construction Resources originally appeared on Fool.com.
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