Rangemore announces first quarter revenue
MIAMI BEACH, FL, April 29, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (formerly Auctions International Inc.)(OTCPINK:RANF) would like to announce that Rangemore is reporting gross revenue of just over $90,000USD for the first quarter ending March 31, 2013 and is on target to meet the projected base annual earnings for the year ended December 31, 2013. The revenue being generated is from the studio operations which are the finite portion of the Rangemore business model. The studio operations are very simple - you have studio space and you rent it. Each location will have a maximum amount of revenue it can generate based on square footage and you grow by acquiring additional space. The current studio facility is generating revenue at approximately 70% of maximum capacity and management is actively looking for additional space to acquire either under lease or to purchase.
"The annual gross revenue from our studio operation for the first year is anticipated to be $500,000 and we are on target with this projection" stated Andrew McLaughlin, President & CEO of Rangemore. "The current studio operations are operating at approximately 70% capacity and it is time we begun to look for additional space to grow this side of our business" continued Mr. McLaughlin.
In addition to the studio operations, Rangemore is currently in negotiations for royalties in two independent film projects. The royalty side of the business is where the large returns are going to be. Low budget pictures produced by independent production companies in the past have been able to routinely generate revenues in excess of $2 million. Looking at the top low budget independently produced pictures, the average 10-year gross was in the neighborhood of $9 million while the top 8 grossed more than $30 million and the number 1 picture earned just over $120 million. The lowest picture in the sample earned approximately $2 million. Occasionally, feature films produced for less than $50,000 will gross hundreds of thousands or even break the multi-million dollar mark.
"The royalty side of our business is where we are going to get our exponential growth" continued Mr. McLaughlin. "The studio operations are predictable and measurable while the royalty side is where the excitement is - the 'Blue Sky'. Our end goal is to build a large portfolio of royalties in independent films while maintaining to grow our studio operations" concluded Mr. McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. (formerly Auctions International Inc.) is a publicly traded company who 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. Along with the studio operations, Rangemore will be actively investing in and producing independent film productions.
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.
For more information on Rangemore please call 305-851-2469.
On the web go to www.rangemorefilmproductions.com.
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 Rangemore Film Productions Corp.'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.