MIAMI BEACH, FL, Oct. 21, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK: RANF) is pleased to announce the first week's results of the previously announced contract with Hub Consulting Services. Under the contact, Hub is responsible for sourcing and vetting potential film projects.
In the very first week that contract was in force, Hub introduced Rangemore to three films and one television project. The projects were all pre-qualified by Hub and have complete scripts and are at minimum in the preproduction phase of development allowing for quick execution into production. The management of Rangemore is currently reviewing each of the projects and upon joint approval will then commence negotiations to acquire royalties or a percentage of the profits. The working titles and details of each project will be released as terms are met and agreements finalized.
Due to the initial results generated by Hub, the management of Rangemore is creating a film advisory board to be responsible for vetting and approval of potential film projects. The advisory board will be independent of Rangemore and comprised of individuals with experience in film production, film finance, and distribution. Having an independent board responsible for the screening for suitable film projects will significantly speed up the review process and allow the management of Rangemore to focus on the ongoing studio expansion and general corporate development. The management of Rangemore is currently interviewing potential board appointees.
In addition, the management of Rangemore and Hub are in the process of establishing corporate structure guidelines for the oncoming film projects. The guidelines will identify which corporate structures are best for which projects, which funding mechanisms to utilize and when, any available tax incentives and government grants, ongoing accounting and reporting requirements, and other corporate related issues. The purpose of the guidelines is to streamline the development of the corporate infrastructure for each film project and to ensure that the end result is maximizing investment potential and return.
"We are extremely pleased with the initial results from Hub," stated Richard Smith, Secretary and Treasurer of Rangemore. "The projects coming in are first rate and because of Hub, the film investment side of our business is moving forward at a much faster pace than we anticipated. We have a lot of work ahead us researching and establishing the correct corporate structures and related precedents as well as negotiating the terms with all the producers and directors for the different film projects. It is going to be a very busy last quarter of 2013 and spring 2014 but we are very much looking forward to it," continued Mr. Smith.
About Rangemore Film Productions Corp.
Rangemore Film Productions Corp. is a publicly traded company who is 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; established 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 revenue sharing agreement with an independently produced feature film and a second agreement with a ten episode cartoon series.
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.
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 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.