Rangemore/Flick Me identifies additional UK tax relief for film projects
MIAMI BEACH, FL, March 14, 2013 /PRNewswire/ - Auctions International Inc. ("Auctions") (OTCPINK: AUCI) announces that Rangemore Productions Corp. ("Rangemore") and its new joint venture partner Flick Me Productions Limited ("Flick Me") has identified and will be utilizing the UK Film Tax Credit Program to subsidize its independently produced film projects.
The Film Tax Credit Program works independently of the HMRC Enterprise Investment Scheme, which was previously announced. The UK Film Tax Credit Program is a TAX REFUND issued by HMRC directly to the producer of a film project. Each film project can apply for a tax refund for up to a total of 25% of approved expenditures incurred in its development and production which can then be passed on to the initial investors or reinvested into future projects. This is different from the HMRC Enterprise Investment Scheme which allows Flick Me to issue a 30% tax credit to investors for any cash investment made into one of its independent films. The HMRC Enterprise Investment Scheme will be used to raise the funds necessary to bring the film projects into production while the UK Film Tax Credit will be filed to get to a 25% refund of approved expenditures.
"The combination of the ability to issue a 30% tax credit for investment dollars combined with up to 25% tax refund of expenditures makes an investment into any one of Flick Me's productions very attractive" stated Andrew McLaughlin, President & CEO of Rangemore. "Rangemore will benefit by being able to participate in the royalties under any partnership arrangement we make in individual Flick Me Production's projects as well as providing the studio and production facilities to those projects" continued Mr. McLaughlin.
About Auctions International Inc.
Auctions International Inc. is a publicly traded company whose core business was the development and implementation of a proprietary technology that enables virtual auctions for any type of product or commodity over the internet. In addition to the development and launch of its technology, the management of Auctions is dedicated to identifying and acquiring undervalued opportunities that have significant upside with the focus being to add to shareholder value. As a result, on December 31, 2012, Auctions entered into a Merger Agreement with Rangemore Productions Corp. For more information on Rangemore Productions Corp. please see below or visit www.rangemoreproductions.com.
Auctions 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.
About Rangemore Productions Corp.
Rangemore Productions Corp. ("Rangemore") is an independent film company that 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. The studios have been operating since 2002. Along with the studio operations, Rangemore will be actively producing independent film productions. Management of Rangemore is in the process of reviewing a number of film projects and joint venture opportunities.
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 Auctions' 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 Auctions International, Inc.