Auctions International Announces Change in Business Direction
MIAMI BEACH, Dec. 18, 2012 /PRNewswire/ - Auctions International, Inc. ("Auctions") (OTCPINK: AUCI) would like to announce to its shareholders that in anticipation of the closing of the previously announced merger between Rangemore Productions Corp. and Auctions, that the management has decided to consolidate its business operations and to focus on the development of its live auction television program and the day to day running of the film studios know as "Island Studios". Auctions will be winding down its technology development operations and will be terminating its relationship with Amero International ("Amero").
The decision to terminate the relationship with Amero was not taken lightly but it was felt that the Amero business model did not fit the Auctions new business direction and that it would be best for all parties involved to cancel the arrangement. In addition, the management of Amero is having difficulties meeting the ongoing financial reporting requirements set out by the regulators and Auctions did not prepare consolidated financial statements as a result.
At this time Auctions would like to also announce that any other pending mergers, joint ventures and acquisition that Auctions management were contemplating have been cancelled. The soul focus of Auctions is now the day-to-day running of Island Studios and the development on the online auctions television program.
As previously announced, on October 12, 2012 Rangemore signed a Binding Letter of Intent to merge with Auctions International Inc. where at the closing Rangemore and Auction will become one entity operating under the name Rangemore Productions Corp. It is anticipated that the closing will occur in January 2013.
About Rangemore Productions Corp.
Rangemore Productions Corp ("Rangemore") is an independent film producer that operates a film studio on the Isle of Man known as Island Studios. Island Studios is a complete film production facility providing producers and directors with a turnkey solution for their creative needs. The studios have been operating since 2002 and generate revenue up to $13,000 per week depending on the size and number of projects utilizing the facilities. On October 12, 2012 Rangemore signed a Binding Letter of Intent to merge with Auctions International Inc. where at the closing Rangemore and Auction will become one entity under the name of Rangemore Productions Corp.
For more information on Rangemore Productions Corp. please visit www.rangemoreproductions.com
Island Studios is located two miles outside the town of Ramsey on the Isle of Man in a semi-rural area. The studio facilities consist of 28,885 sq ft of structures on approximately 7 acres. The buildings on the site include:
|Film studio||Music studio|
|Changing rooms||Make-up studio|
For more information on Island Studios go to: www.rangemoreproductions.com/#!studiofacilities/c1h6a
Since opening in 2002 the following films have been shot at Island Studios: 2002 Suzie Gold, 2003 Trauma & Piccadilly Jim, 2004 The Libertine, 2005 Stormbreaker & Mistress of Spices, 2006 Mutant Chronicles, 2008 Heartless, 2009 The Disappearance of Alice Creed, and on December 11, 2012, Auctions and Rangemore announced that the filming of "Dom Hemingway", featuring Jude Law and Richard E. Grant and directed by Richard Shepard, had been completed at Island Studios on the Isle of Man. Rangemore will be getting production credits and a royalty for the use of the studios.
Along with the studio operations, Rangemore will be producing their own independent films. Each project will have its own corporate structure and management team. Rangemore is actively pursuing a number of film projects that they feel will provide shareholders with a better than average rate of return. Rangemore will also be negotiating co-producer agreements with outside productions coming into the Studios in exchange for studio time (cost set-off against a contracted agreement for profit share). This gives Rangemore the flexibility to participate in other productions that they feel will become successful without having to make cash investment.
For more information on the Film Projects go to: www.rangemoreproductions.com/#!filmproduction/cjsc
Financial Projections for Studio Operation (US Dollars)
The following is a brief proforma for the Island Studios operation. These numbers do not include the projected results of the film production operations and are prepared by management and have not been audited, reviewed or otherwise verified by a qualified third party. Readers are cautioned that these statements may not be appropriate for their purposes.
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 October 24, 2012, Auctions announced that it had entered into a Binding Letter of Intent to merge with Rangemore Productions Corp. For more information on Rangemore Productions Corp. please see above.
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.
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.