Auctions - Rangemore Merger Summary and Update
MIAMI BEACH, FL, Feb. 12, 2013 /PRNewswire/ - Auctions International Inc. ("Auctions") (OTCPINK: AUCI) would like to update shareholders of Auctions and Rangemore Productions Corp. ("Rangemore") regarding the ongoing merger between the two parties.
The following events have occurred to-date:
- October 24th, 2012, a Binding Letter of Intent was signed between Auctions and Rangemore to merge the two entities and take over operations of Island Studios.
- December 4th, 2012, it was announced that both parties had completed their due diligence and had agreed to move into a formal merger agreement.
- December 31st, 2012, a definitive Merger Agreement was signed between Auctions and Rangemore.
- January 22nd, 2013, a transitional management team was announced.
- January 24th, 2013, the management of Auctions commenced the process for changing its name from Auctions International Inc. to Rangemore Film Productions Corp. in anticipation of the closing of the previously signed merger.
- January 31st, 2013, Auctions received majority shareholder approval to change its name from Auctions International Inc. to Rangemore Film Productions Corp.
The following events still have to be completed:
- A Certificate of Amendment to be filed with the State of Nevada reflecting the change in name from Auctions International Inc. to Rangemore Film Productions Corp.
- Issuer Company-Related Action Notification Form to be filed with FINRA to reflect the change in name and request a new trading symbol.
- The financial statements for both Auctions and Rangemore to be completed for the fiscal year ending December 31, 2012.
- An Articles of Merger to be prepared and filed with the State of Nevada.
- An updated Information and Disclosure Statement to be completed and filed with OTCMarkets.
- Consolidated financial statements to be completed and filed with OTCMarkets.
"We are very pleased and excited that the merger between Auctions and Rangemore is moving ahead as planned" stated Andrew McLaughlin, CEO of Auctions. "There is still a lot of work to be done but we are right on schedule and confident that we will close the transaction on or before March 31, 2013" continued Mr. McLaughlin.
About Auctions International Inc.
Auctions International Inc. is a publicly traded company whose core business was the development and implementation of a proprietary technology that enables virtual auctions for any type of product or commodity over the internet. In addition to the development and launch of its technology, the management of Auctions is dedicated to identifying and acquiring undervalued opportunities that have significant upside with the focus being to add to shareholder value. As a result, on December 31, 2012, Auctions entered into a Merger Agreement with Rangemore Productions Corp. For more information on Rangemore Productions Corp. please see below or visit www.rangemoreproductions.com.
Auctions 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.
About Rangemore Productions Corp.
Rangemore Productions Corp. ("Rangemore") is an independent film company that operates a film studio on the Isle of Man known as Island Studios. Island Studios is a complete film production facility located two miles outside the town of Ramsey and is approximately 7 acres in size and houses a film studio, sound studio, make-up studio, dressing rooms, canteen and dormitory, administration offices, and storage facility. The studios have been operating since 2002. Along with the studio operations, Rangemore will be actively producing independent film productions. Management of Rangemore is in the process of reviewing a number of film projects and joint venture opportunities.
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 Auctions' 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 Auctions International, Inc.