Auctions International & Rangmore Productions sign merger agreement
MIAMI BEACH, FLA, Jan. 8, 2013 /PRNewswire/ - Auctions International, Inc. ("Auctions") (OTCPINK: AUCI) would like to announce to its shareholders that Auctions and Rangemore Productions Corp. ("Rangemore") have officially entered into a definitive Merger Agreement effective December 31, 2012. The Merger Agreement takes precedent over the previously signed Binding Letter of Intent. It is expected that the merger will close within the first quarter of 2013 and at closing Rangemore and Auctions will become one entity operating under the name Rangemore Film Productions Corp.
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, 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.