MIAMI BEACH, FL, Sept. 30, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) wishes to summarize in chronological order the corporate events that occurred during the summer months of 2013:
- May 14, 2013: Rangemore announced that management had approved a plan to commence the search for potential acquisition to expand the studio operations. The expansion plan would identify suitable properties in four key markets: Asia, South Africa, Europe and North America.
- May 24, 2013: Rangemore announced that it had come to a preliminary agreement to participate in the royalties of a major independent film production currently under development in the United Kingdom. The agreed upon terms allow Rangemore to purchase up to 10% interest in the film's revenues.
- June 18, 2013: Management announced the initial results identifying suitable properties for acquisition under the previously announced studio expansion plan. The studio expansion plan is now well underway.
- August 12, 2013: Rangemore successfully quoted its common shares on the OTC Pink - Current Information Tier of the OTC Pink Marketplace.
- August 20, 2013: Rangemore signed a revenue sharing agreement with Appiphany Technologies Holdings Inc. to purchase up to 10% of the net revenues generated by the first ten episodes of the MMA Animals cartoon series.
- September 3, 2013: Rangemore announced that it had commenced the process to become fully reporting with the Securities and Exchange Commission.
- September 11, 2013: MMA Animals was featured on the CBC Radio talk show "Daybreak South".
- September 12, 2013: Rangemore announced that it had reduced its accounts payable by over $85,000 through debt settlement eliminating almost all third party debt. Rangemore is almost completely debt free with the exception of amounts owing to related parties. The shares were issued from treasury at par value or $0.001 which was double the current market price and are subject to the standard hold periods enforced by the SEC.
"We continued to be productive even through the slow summer months" stated Andrew McLaughlin, CEO of Rangemore. "We started the process to expand the studio operations, signed two revenue sharing agreements, became a 'Current Filer' with OTC Markets, eliminated almost all of our third party debt and commenced becoming fully reporting with the SEC. We are right on schedule with our six month goals. Although we continue to be disappointed with the performance of our share price, we are confident that our efforts will be rewarded in the long run. We thank all of our shareholders for their continued support" continued Mr. McLaughlin.
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; establish 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.
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 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.