Rangemore negotiates royalty in independent film production
MIAMI BEACH, FL, May 24, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) is pleased to announce that it has come to a preliminary agreement to participate in the royalties of the independent film production 'Fabulust'. The agreed upon terms will allow Rangemore to purchase interest in the film royalties in exchange preferred shares for up to a maximum of 10% of the total royalties. The final terms and a definitive agreement are in the process of being prepared.
"We are very pleased to have our first royalty agreement underway." stated Andrew McLaughlin, CEO of Rangemore. "Film royalties are the 'blue sky' of our business and to have the opportunity to participate in the success of 'Fabulust' is a big step forward for us. This is first of many such arrangements that we plan to capitalize on." continued Mr. McLaughlin.
Management of Rangemore would also like to update shareholders on the ongoing process to move the Company's trading status from 'Limited Information' to 'Current Information'. Due to a number of recent corporate developments the original documentation that had been prepared is now outdated and is currently being rewritten. Upon completion of the rewrite the documentation will be resubmitted to council for review. This is ongoing and Rangemore will advise shareholders as the process moves forward.
"We are very aware of the need to become a 'Current Information' filer with OTC Markets" stated Richard Smith, Secretary & Treasurer of Rangemore. "We are doing everything we can to complete the process in a timely manner but due to a number of recent corporate developments we are having to rewrite the documentation to accurately reflect the current position of the Company" continued Mr. Smith.
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.
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.