Primco Management's CEO Provides Update on Current and Future Operations
January 16 2014 - 9:01AM
Marketwired
Primco Management's CEO Provides Update on Current and Future
Operations
LOS ANGELES, CA--(Marketwired - Jan 16, 2014) - Primco
Management Inc. (OTCQB: PMCM), a fully integrated multi-media
entertainment and real estate development company, is providing an
update to its shareholders and strategic business partners. David
Michery, CEO, says, "We have experienced challenges during our
formative period in the past nine months in dealing with the
dilutive effects of our convertible debt. However, during the same
period we have established a core team of experienced and dedicated
executives, and we continue to actively seek out business
opportunities and profitable developments. We plan to gradually
replace our short term convertible debt with longer term equity
investment in the Group and are completing the preparation of an
S-1 registration for the issuance of up to $10 million in new
common shares. We are employing strict management over our
operating expenses and we continue to try to grow our revenue. Some
of our music artists' releases in third and fourth quarter 2013 did
not translate into download sales as expected, despite our
aggressive radio promotion, and we are presently addressing these
issues. However, we anticipate increased revenues in 2014 from new
artists, our Top Sail pop and D & B Music urban catalogues and
from our launch into selective lower budget motion picture
production and distribution. We are therefore providing the
following combined update of our operations."
Corporate
operations: Our real estate division obtained a certified
appraisal for our Tuscany Villas 60 townhouse construction project,
valuing the land as it currently stands at $4.56 million. We also
negotiated a price reduction for the purchase of the property to
$4.1 million and extended the escrow closing date to allow us to
continue to seek favorable equity financing for approximately 35%
of the purchase price. The excess of current appraised value over
the purchase price reflects the rapid uptick in Southern California
real estate.
We decided not to pursue the originally proposed joint venture
investment in the formative Basketball Channel because we
recognized that we should not finance this longer term development
deal with additional toxic short term convertible debt. We wish the
management of the Channel every success in their endeavors in the
future.
Motion picture
operations: We are commencing co-production of our first
lower budget motion picture on January 20, 2014 on sound stages in
the Los Angeles, California area. The genre is a horror/thriller
with a Halloween theme, which we expect will be released around
Halloween 2014. We will announce more details relating to this
project as production progresses over the next few weeks.
Music
operations: MTV and Viacom have executed an agreement with
ESMG for the use of Choo Biggz' video and single "Pay Homage." Choo
Biggz' new song and video "BONG" will be released the first week of
February 2014. A major promotion will be launched to build on
Choo's already established street credibility, while the plan in
place will not only develop him nationally, but we will also expand
his international following.
Jesse Scott's first single through ESMG is entitled FML (F**K My
Life). A National radio plan rolls out at the end of this month and
it will be available for sale in early February 2014. A major
publicity and digital campaign will be launched in conjunction with
some soon to be announced live performances. Everyone is talking
about Jesse Scott and we believe that 2014 will be his breakthrough
year.
Downtown Attraction is currently in the recording studio
finishing up their highly anticipated first album produced by the
critically acclaimed multi-platinum producer Mike Clink (Guns N
Roses / Mötley Crüe). Projected release is third quarter 2014.
The announcement of upcoming concert dates is coming soon.
We are planning to release the Tion Phipps' second new single,
"Wake Me When It's Over," in first quarter 2014 to Top 40 radio. We
have high expectations for this follow-up hit single and for Tion
to have an exciting 2014.
New Artist
Signings:
We have just signed Stuey Rock, Atlanta's Superstar DJ from the
top radio station HOT Atlanta. Stuey Rock's influence reaches
across the United States with over 40 stations playing his current
single "Atlanta Lights" with more than 1 million YouTube
views. "Atlanta Lights" is now being remixed with a feature by
multi-platinum rapper "Juicy J" (currently has a Top 5 hit as a
featured artist on Katy Perry's current single "Dark Horse") and is
scheduled for release in the first quarter 2014.
We have also just signed producer/artist Pyro under our joint
venture with Phoenix 51. Pyro produced a current Justin Bieber
single and has an extensive background of making hit songs for many
current top artists such as Tyga, Yelawolf, Rick Ross, Lil Wayne,
Young Jeezy and The Backstreet Boys. He is now producing his own
material which ESMG plans to release in second quarter 2014.
Catalogue:
Casey Kasem Presents America's Top Ten Hits starts off 2014 with
a major push from a cross promotion with Amazon. Amazon has created
a special email blast to their customer base featuring a special
low price on the entire America's Top Ten Hits series. They have
also created a special landing page on their site to feature the
entire series. ESMG, Primco and America's Top Ten Hits websites
will have a special link directing viewers to click to the Amazon
America's Top Ten Hits landing page.
About Primco Management Inc.:
Through its wholly-owned subsidiaries, ESMG Inc., Top Sail
Productions, LLC, and D & B Music, Inc, the Company operates as
an integrated entertainment company with operations in both music
and motion picture production and distribution. Primco
also operates in 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. We leverage our highly motivated and
industry experienced management strengths and capabilities with our
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.esmgusa.com and 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: Alan Bailey CFO Primco Management/ESMG, Inc., Top Sail
Productions, LLC and D & B Music, Inc. 310-722-6624