Primco Management.
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Primco Enters Into Agreement to Acquire Fully Licensed Seattle Based Medical Marijuana Co-Operative and Tier I Production Fac...
Date : 03/19/2014 @ 6:35AM
Source : PR Newswire (US)
Stock : Primco Management, Inc. (QB) (PMCM)
Quote : 0.002 0.0 (0.00%) @ 8:48AM
Primco Enters Into Agreement to Acquire Fully Licensed Seattle Based Medical Marijuana Co-Operative and Tier I Production Fac...
Primco Management, Inc. (QB) (OTCBB:PMCM)
Intraday Stock Chart
Today : Wednesday 19 March 2014
LOS ANGELES, March 19, 2014 /PRNewswire/ -- Primco Management Inc. (OTCQB: PMCM), a fully integrated multi-media entertainment and real estate development company, today announced that the Company has entered into an agreement to acquire Seattle based Suzie Q's (www.mysuzieqs.com), a medical marijuana collective fully licensed by the City of Seattle. Suzie Q's has been in operation for more than 4 ½ 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 David Michery, CEO. "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."
Primco will file an 8-K detailing all material events of the transaction including licensing, permits, tax forms and pending applications.
About Primco Management Inc.: Through its wholly-owned subsidiaries, ESMG Inc., Top Sail Productions and D & B Music, Inc., the Company operates as an integrated entertainment company with divisions in music and film production and distribution. 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.
Contact:
David Michery, CEO
(562) 565-9967
SOURCE Primco Management Inc.
Copyright 2014 PR Newswire
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Primco Enters Into Agreement to Acquire Fully Licensed Seattle Based Medical Marijuana Co-Operative and Tier I Production Fac...
Date : 03/19/2014 @ 6:35AM
Source : PR Newswire (US)
Stock : Primco Management, Inc. (QB) (PMCM)
Quote : 0.002 0.0 (0.00%) @ 8:48AM
Primco Enters Into Agreement to Acquire Fully Licensed Seattle Based Medical Marijuana Co-Operative and Tier I Production Fac...
Primco Management, Inc. (QB) (OTCBB:PMCM)
Intraday Stock Chart
Today : Wednesday 19 March 2014
LOS ANGELES, March 19, 2014 /PRNewswire/ -- Primco Management Inc. (OTCQB: PMCM), a fully integrated multi-media entertainment and real estate development company, today announced that the Company has entered into an agreement to acquire Seattle based Suzie Q's (www.mysuzieqs.com), a medical marijuana collective fully licensed by the City of Seattle. Suzie Q's has been in operation for more than 4 ½ 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 David Michery, CEO. "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."
Primco will file an 8-K detailing all material events of the transaction including licensing, permits, tax forms and pending applications.
About Primco Management Inc.: Through its wholly-owned subsidiaries, ESMG Inc., Top Sail Productions and D & B Music, Inc., the Company operates as an integrated entertainment company with divisions in music and film production and distribution. 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.
Contact:
David Michery, CEO
(562) 565-9967
SOURCE Primco Management Inc.
Copyright 2014 PR Newswire
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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act
March 7, 2014
Date of Report (Date of Earliest Event Reported)
Primco Management, Inc.
(Exact name of registrant as specified in its charter)
Delaware
§
333-173119
§
27-3696297
§
(State or other jurisdiction of incorporation or organization)
§
§
(Commission File Number)
§
§
(I.R.S. Employer Identification Number)
§
1875 Century Park East
§
§
6th Floor, Suite 73, Century City, CA
§
90067
§
(Address of principal executive offices)
§
§
(Zip Code)
(323) 450-2780
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01: Entry into a Material Definitive Agreement
On March 7, 2014, the registrant entered into an asset purchase agreement with Jessica Vance, the owner of Suzie Q’s NPO and Puget Power Co LLC, which is located at 12710 Aurora Ave N, Seattle, WA 98133. The acquired business consists of permits and licenses issued by the City of Seattle for the cultivation and sale of medical cannabis to patients, as well as the lease on the facility, and all necessary equipment and furniture.
Under the asset purchase agreement, the registrant will be purchasing, free and clear of all liabilities, all rights, permits, licenses, applications, records, leases, equipment, and any other assets related to the acquired business. This sale will close on March 31, 2014. As consideration for the purchase, the registrant shall pay Ms. Vance a total cash payment of $250,000 and 25,000,000 common shares of the registrant.
Should the registrant not pay in full, Ms. Vance can resort to legal remedies for full and timely payment under the agreement, and has the right to assert ownership and shall be entitled to compensation of $3,000 per month and reimbursement of any and all expenses associated with the operation of the assets of the acquired businesses until such time as full payment is made by the registrant.
On March 7, 2014, the registrant entered into a consulting agreement with Jessica Vance. Under this agreement, Ms. Vance will provide consulting services to the registrant regarding the transfer of operations and assets of Suzie Q’s NPO and Puget Power Co LLC, as detailed above, and to assist in the transfer of the Washington State Producer Processor Tier 1 License from Ms. Vance to David Michery, the chief executive officer of the registrant. The consulting agreement will end upon the complete transfer of this license. Ms. Vance will be compensated $3,000 per month, payable at the first of each month, for the duration of the consulting agreement.
Item 2.03: Creation of a Direct Financial Obligation
On March 7, 2014, the registrant entered into an asset purchase agreement with Jessica Vance, as described above. Under this agreement, the registrant shall pay Ms. Vance a total cash payment of $250,000. On closing, the registrant shall make a payment of $50,000 to Ms. Vance, payable in cash, and will pay an additional $50,000 within thirty (30) days of the issuance of the licenses from the Liquor Board. The balance of the purchase price shall be converted into a 0% coupon note payable to Ms. Vance with a term of one year with quarterly payments of $50,000 commencing ninety (90) days from when the acquired business is fully licensed and title has been transferred to the registrant. The note shall include an option to Ms. Vance to obtain common shares of the registrant in lieu of cash at Ms. Vance’s option.
Item 3.02: Unregistered Sales of Equity Securities
On March 7, 2014, the registrant entered into an asset purchase agreement with Jessica Vance, as described above. Under this agreement, the registrant shall issue Ms. Vance a total of 25,000,000 common shares of the registrant in return for all rights, permits, licenses, applications, records, leases, equipment and any other assets related to the acquired business. These common shares are exempt under Section 4(2) of the Securities Act. These common shares are qualified for this exemption because Ms. Vance has the knowledge and experience in finance and business matters to be a “sophisticated investor”, she has access to the type of information normally provided in a prospectus for a registered securities offering, and has agreed not to resell or distribute the securities to the public.
Item 9.01: Exhibits
d) Exhibit 10.1: Asset purchase agreement between Primco Management, Inc. and Jessica Vance, signed March 7, 2014.
Exhibit 10.2: Consulting agreement between Primco Management, Inc. and Jessica Vance, signed March 7, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
Primco Management Inc.
By:
/s/ David Michery
David Michery
Chief Executive Officer
Dated: March 21, 2014
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