Primco Management Delays Planned Share Increase amid Audits
Mar 26, 2014 (ACCESSWIRE via COMTEX) -- Primco Management Inc. (OTCQB: PMCM) share volume continued to skyrocket through the Stratosphere Mar. 25, with 1,050,514,434 shares changing hands, more than twice its three-month average volume of 493,811,579 shares
The surge in volume is being fueled in part by several major announcements made by the Century City, Calif.-based multi-media and real estate development company with the latest one coming March 24.
The company announced it has commenced audits on both its Top Sail and D&B acquisitions, and that there will be no increase in the number of authorized shares until the audits and amended filing have been declared effective.
Delays Increase in Shares
"Based on conversations with our attorneys, it is possible that there will be no share increase for 90 days," stated Primco's CEO David Michery. "In the meantime, this delay is a blessing to our shareholders as we are in the midst of negotiating the settlement of all of our convertible debt and, consequently, the preservation of our share price. We have already entered into agreements with equity investors and have begun the process of improving the balance sheet," he added
On Mar. 19 Primco announced it had acquired Seattle-based Suzie Q's, a medical marijuana collective fully licensed by the City of Seattle.
Suzie Q's has been in operation for more than four years and serves over 1,500 patients. The agreement calls for the purchase of 100% of the assets of the co-op as well as the purchase and transfer of a Tier I Production License granted by the Washington State Liquor Board.
"The acquisition of Suzie Q's, one of the first fully licensed facilities in Seattle, gives us a base of operations which tie in perfectly with our plans in nearby Vancouver," stated Primco's CEO David Michery.
"Once we complete the acquisition of Suzie Q's, we believe that we can significantly increase the current revenue stream over the next few months. Primco is in the early stages of establishing a massive marketing campaign to launch our new brand. By delivering the highest quality medicine at competitive levels, the Suzie Q's brand will grow to become one of the most trusted names in medical cannabis," he added.
Putting the Pieces Together
This is just the latest move by Primco to enlarge its footprint in the medical marijuana industry.
The company entered into a joint venture with British Columbia-based CanMed Ventures on Feb. 24 to build and operate a 30,000-square-foot cultivation facility for the production of medical marijuana.
Primco said it expects to be fully licensed within 6 months and generating first-year revenues exceeding $20 million.
This is just Primco Management's latest move to develop various properties in order to lease them to companies growing or selling legal marijuana.
Also Acquiring Property in Los Angeles
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