Primco Completes Repayment of Redwood and Magna Convertible Debt
Primco Completes Repayment of Redwood and Magna Convertible Debt
LOS ANGELES--(BUSINESS WIRE)-- Primco Management Inc. (OTCQB: PMCM), a fully integrated multi-media entertainment and real estate development company, today announced that it has fully completed the repayment of $350,000 in convertible Notes to both Redwood capital and Magna though periodic conversion of its common stock.
"We are thrilled to announce that the capital raised through the conversion of debt has allowed us to close key distribution contracts with our multi-platinum recording artists and to provide needed working capital, has been fully repaid, including all accrued interest," stated David Michery, CEO. "ESMG now expects to generate significant revenues and bottom-line profits as a result of these efforts. We would like to express our gratitude to our loyal shareholders for believing in our business plan and for supporting our stock during these last few months. With over one billion shares traded in the month of July alone, this huge liquidity demonstrates the incredible interest in the marketplace for our stock, which we expect will lead to higher per share prices in the near future as revenues materialize."
In the first six months following the merger, Primco's ESMG unit has signed up and coming artists Choo Biggz, Bruce-E-Bee and Tion Phipps; entered in joint ventures with music giants Phoenix 51, for the production of the newest releases by multi-platinum artists V.I.C., Hurricane Chris and Jesse Scott, and Atlanta based Mueziq Entertainment, whose artists include Checkmate, Kamp Hustle and D.A.B. Last month, ESMG completed the acquisition of Top Sail Productions which includes distribution through Warner Music Group and the signing of music legend Mike Clink, of Guns N' Roses fame, to produce the debut album of "Downtown Attraction."
With added announcement of its joint venture for the construction, marketing and sale of a 60 townhouse development in Corona, California, the Company is pleased to announce that the execution of its business plan is well ahead of schedule.
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. Through its highly skilled and industry experienced management team, the Company provides leading edge/dynamic services and digital content to worldwide audiences. ESMG Inc. leverages its highly motivated and industry experienced management strengths and capabilities with focused operating divisions to reach and satisfy the marketplace of targeted consumers searching for a breakthrough in new and exciting talent and content. (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
310-407-5452
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
The article Primco Completes Repayment of Redwood and Magna Convertible Debt originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
