Rangemore Sign Revenue Sharing Agreement with Appiphany Technologies
MIAMI BEACH, FL, Aug. 20, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) - is pleased to announce that it has signed a Revenue Sharing Agreement (the "Agreement") with Appiphany Technologies Holdings Corp. ("Appiphany") (OTCBB:APHD).
Under the terms of the Agreement, Rangemore has the right to purchase from Appiphany up to 10% of the net revenue generated by the first ten episodes of the MMA Animals TM cartoon series. The royalties will be purchased by Rangemore using cash and stock. The revenue defined in the agreement includes: World Wide box office receipts, DVD sales, Pay-Per-View revenue, television syndication and licensing fees, revenue generated by internet downloads, and any fees paid by airlines. The term of the royalty is ten years from the date of original purchase. The total value to be paid by Rangemore for the right is approximately USD$35,000 per episode or USD$350,000 and with the funds will be used to develop the cartoon series.
MMA Animals TM is the world's first kid's brand based on the sport of mixed martial arts. Each of the member of the MMA Animals TM family will specialize in a specific discipline such as: Karate, Judo, Wrestling, Jiu Jitsu, Sambo, Mauy Thai, Tae Kwon Do. Each episode the series will be written with the intent of teaching viewers values and life lessons while keeping them engaged and entertained. Appiphany will continue to release new characters along with downloadable interactive games and stories as the brand develops.
"We are very pleased to be able to participate in the revenue of Appiphany's 'MMA Animals' cartoon series." stated Richard Smith, Director and Secretary/Treasurer of Rangemore. "This project has huge potential and is a great addition to our film royalty portfolio. We are well on our way to meeting our six month goal of securing four royalty agreements" concluded Mr. Smith.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. is a publicly traded company who 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 preliminary agreement to participate in the royalties of an independent film production being developed in the United Kingdom. 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.
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 Auction International 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.