Rangemore to commence process to become fully reporting
MIAMI BEACH, FL, Sept. 3, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) today announces that management has approved the decision to commence the process to become fully reporting with the Securities and Exchange Commission. Management has also recommended looking into the process of quoting its preferred shares under an independent CUSIP number and stock symbol.
Becoming fully reporting involves:
- retaining a PCAOB registered auditing firm;
- meeting with auditors and lawyers to map out process;
- auditing the financial statements;
- completing and filing a Registration Statement with the SEC;
- filing a FORM 211 with FINRA;
- filing documents electronically with EDGAR.
Upon approval Rangemore will be able to:
- quote its common shares on the OTC-QB of the OTC Markets tiered marketplace;
- quote its common shares on the OTC-Bulletin Board.
Advantages of being fully reporting:
- possibility of quoting preferred shares;
- opens the doors to new funding opportunities;
- ability to co-list in Europe;
- ability to offer incentive options to encourage high-end personnel.
"Now that we have successfully reached 'Current Information' status with OTC Markets, the next step is to become fully reporting with the Securities and Exchange Commission" stated Richard Smith, Secretary/Treasurer of Rangemore. "Becoming fully reporting will add credibility, transparency, allow us to co list in Europe, and open up the possibility of quoting the preferreds under their own CUSIP number and symbol. We are looking at all options available but the first step is to get the fully reporting status underway then decide where to go from there. We are now meeting with our auditors and lawyers to clearly establish the steps, the cost and timing. We will keep shareholders updated as we progress" 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.