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."
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.
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.
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.