Rangemore sets six month objectives
July 24 2013 - 8:00AM
OTC Markets
Rangemore sets six month objectives
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Rangemore sets six month objectives
PR Newswire
MIAMI BEACH, FL, July 24, 2013
MIAMI BEACH, FL, July 24, 2013 /PRNewswire/ - Rangemore Film
Productions Corp. ("Rangemore") (OTCPINK:RANF) today announces
its specific objectives for the next six months of the
2013 fiscal year. It is the intention of Rangemore's
management to set
measurable objectives and to report progress toward these
objectives in
each quarterly report. For the up-coming six months ending
December
2013 the objectives are:
To become a "Current Information" filer with OTC Markets;
Maintain "Current Information" filer status with OTC
Markets;
Review the process and cost of becoming fully reporting with the
SEC;
If feasible, commence the process to become fully reporting with
the
SEC;
Close acquisition of first studio property to service the Asian
film
industry market;
Aggressively market the newly acquired property in Asia by attending
high profile industry events such as:
October 7-10: Busan Asian Film Market
(Busan, South Korea)
October 11-21: Hawaii International Film Festival/EuroCinema
Hawaii
October 22-24: TIFFON (Tokyo, Japan)
December 10-12: CineAsia
(Hong Kong, China)
Complete due diligence on second studio acquisition in Asia;
Commence negotiation for acquisition of second studio property in
Asia;
Acquire revenue sharing royalties in at least four independent
film
projects;
Investigate the possibility of financing and producing own film
and
television productions.
Management's main focus will be to get established in Asia. Not only are
properties significantly cheaper than in Europe or North
America but
the Asian film industry is growing at an exponential rate never
experienced before in the history of filmmaking. Recognizing
that
there are few quality facilities to service this growth, Rangemore
is
currently negotiating to acquire its first Asian based property
and
once it is operational will be aggressively looking for other
potential
acquisitions to service this expanding market.
"We are very excited about the short and long term prospects
for
Rangemore" stated Andrew McLaughlin,
CEO of Rangemore. "The
opportunities in Asia are like
nothing the film industry has ever seen
and it is our plan to position Rangemore to take full advantage of
this
rapidly evolving market" continued McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions
International
Inc.)
Rangemore Film Productions Corp. is a publicly traded company who
in the
business of operating film studios and co-producing independent
film
productions.
Rangemore is currently in the process of identifying and
acquiring
studio suitable properties in four key markets: Asia; South
Africa;
Europe and North America. Potential acquisition
sites will have to
meet certain criteria including: a low cost per square foot;
easy
conversion into usable studio space; established local
infrastructure;
establish local film industry; limited or non-existent
competition;
available government tax incentives and mortgage financeable.
The
identified acquisitions will be either purchased outright
utilizing
debt funding and tax credit incentive programs or leased on a long
term
basis.
Along with the studio operations, Rangemore will be actively
investing
in and co-producing independent film productions. Currently
Rangemore
has a preliminary agreement to participate in the royalties of
an
independent film production being developed in the United Kingdom. The
agreed upon terms will allow Rangemore to purchase interest in the
film
royalties in exchange preferred shares for up to a maximum of 10%
of
the total royalties. The final terms and a definitive
agreement are in
the process of being prepared.
Rangemore Film Productions Corp. is a Development Stage Company,
as
defined by Financial Accounting Standards Board ("FASB")
Accounting
Standards Codification ("ASC") 915, Development Stage Entities, and
has
not yet generated significant revenues from their intended
business
activities.
Forward Looking Statements
Except for the historical information contained herein, the
matters
discussed in this press release are forward-looking statements.
Actual
results may differ materially from those described in
forward-looking
statements and are subject to risks and uncertainties. See
Auction
International Inc's filings with OTCMarkets which may identify
specific
factors that may cause actual results or events to differ
materially
from those described in the forward-looking statements.
SOURCE Rangemore Film Productions Corp.
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