Rangemore on schedule with execution of studio expansion plan
MIAMI BEACH, FL, Oct. 9, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) announces that it is on schedule with the execution of its studio expansion plan and is now entering the due diligence and acquisition phase.
PLANNING PHASE - COMPLETED
On May 14, 2013, Rangemore announced that management had approved a plan to commence the search for potential acquisitions to expand its studio operations. The expansion plan would identify suitable properties in four key markets: Asia; South Africa; Europe and North America. Potential acquisition sites would 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.
RESEARCH PHASE - COMPLETED
On June 18, 2013, Rangemore announced the initial results of the previously announced studio expansion plan. Management of Rangemore had identified suitable properties in the following locations: Yangon, Myanmar (Burma); Saipan, Commonwealth of the Northern Mariana Islands (CNMI); and Santa Maria, Sal Island, Cape Verde.
DUE DILIGENCE AND ACQUSITION PHASE - ON GOING
After careful consideration the management of Rangemore has decided to focus on Saipan, Commonwealth of Northern Mariana Islands for the following reasons:
- Asian film industry is growing at an exponential rate and is currently being under serviced.
- Saipan is easily accessible from Japan and China to capitalize on this growth.
- Saipan is a member of the Common Wealth of the United States which adds a level of political stability.
- Progressive government willing to work together to create jobs and develop a sustainable film industry.
- Cost effective and readily available labor force.
- Low per square foot lease costs.
- Beautiful tropical environment which is always in season.
- Colorful marine life making for exceptional underwater filming.
- Growing film industry. Just in its infancy but quickly gaining recognition world-wide.
- Good inventory of properties suitable for cost effective conversion into movie or television studio.
Andrew McLaughlin, Rangemore's CEO is in Saipan during the month of October 2013 to:
- Meet with the local government officials to discuss vision and to establish working relationship.
- View potential properties with intent to identifying properties suitable for conversion into film and sound studios.
- Complete due diligence on suitable properties.
- Meet with property agents and owners to discuss leasing terms.
- Look for other opportunities.
"As part of any asset acquisition or expansion you must do due diligence, go visit the sites, meet with the local government officials, establish working relationships, set up infrastructure and get your presence known. Andrew is over there doing all that right now." stated Richard Smith, Secretary and Treasurer of Rangemore. "We have identified a number of exceptional opportunities in Saipan and we are now positioning ourselves to be able capitalize. We are very much looking forward to seeing the results of Andrew`s trip and moving forward to the operating phase of our expansion plan" 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; 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.