MIAMI BEACH, FL, Aug. 12, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) announces that effective immediately, the Company's common shares are now quoted on the OTC Pink - Current Information Tier in the OTC Pink marketplace.
"We are very pleased to have met the first of our six month objectives" stated Richard Smith, Director and Secretary/Treasurer of Rangemore. "The amount of work that that went into becoming 'Current' was significant. We completed a comprehensive review of the books and records and prepared detailed working papers for each month going back to 2011. We did this in anticipation of completing an audit as part of the process to become fully reporting with the Securities and Exchange Commission and now that we have obtained 'Current Information' status we will be starting that process." continued Mr. Smith.
In addition, the Management of Rangemore would like to address the inaccurate statements being made about the Company's share structure. As disclosed in the following documents (available for download at www.otcmarkets.com): Attorney Letter - published August 7, 2013; June 30, 2013 Quarterly Report - published July 9, 2013; and June 30, 2013 Interim Financial Statement - published July 8, 2013; the share structure is clearly defined as following:
|Issued and outstanding: 817,834,722|
|Issued and outstanding: 42,942,000|
There are currently no plans to restructure the common shares of the Company.
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 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.