Rangemore identifies acquistions for studio property portfolio
MIAMI BEACH, FL, June 18, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK: RANF) announces the initial results of the previously announced studio expansion plan.
The expansion plan calls for management to identify suitable properties to service four key markets:
- Asia
- South Africa
- Europe
- North America
Target properties must meet minimum criteria:
- Low cost per square foot
- Easy conversion into usable studio space
- Established local infrastructure
- Limited or non-existent competition
- Government incentives
After an extensive search, Rangemore has identified suitable properties in the following locations:
| Asia | |||
| Yangon, Myanmar (Burma) | |||
| Excellent positioning for Asian film market. Myanmar was known as "Asian Hollywood" until the mid 1960's and has a very rich history of film making. The Myanmar government is keen to reestablish its film industry and increase its appeal as an international filming location. With global film industries hungry for new and exotic places to showcase to their audiences, Myanmar is starting to attract attention on a global scale and as a result its movie industry is experiencing a rebirth with 20th Century Fox leading the way by releasing its first film in Myanmar since 1962. The management of Rangemore recognizes that the Myanmar film industry is poised to take off and offers a unique opportunity to get positioned in the Asian film market a very reasonable cost. It has identified a number of properties that meet the minimum criteria and is in the process of completing due diligence. | |||
| Saipan, Commonwealth of the Northern Mariana Islands (CNMI) | |||
| Another excellent location to service the growing Asian film industry. CNMI is part of the Common Wealth of the United States which adds a level of political stability and because of its favorable climate and close proximity to Asia; the CNMI has the potential to become a prime destination for the production of movies, television shows, commercials, and music videos. Recent film shootings on the island include the Japanese and Chinese versions of "Survivor" and a music video by South Korean girl band "Secret". The Northern Marianas College in the CNMI operates supportive and postproduction programs including facilities for the film industry and the CNMI government is also very progressive offering with incentive plans and partnership arrangements. Rangemore is has identified one specific property that meets requirements on the island. | |||
| South Africa | |||
| ● | Santa Maria, Sal Island, Cape Verde - Burgeoning film industry. Just in its infancy but growing rapidly. Cabo Verde International Film Festival is now in its fourth year and gaining international recognition. Again, another opportunity to get in on the ground floor with little up front capital. Cape Verde is attempting to become part of the European Union which will add stability and growth. Rangemore has identified one property that has met the minimum criteria. | ||
The identified acquisitions will be either purchased outright utilizing a debt structure or leased on a short or long term basis. Andrew McLaughlin, Rangemore's CEO, is currently heading up the expansion project utilizing his contacts from years in the property development industry.
"There are a number of real prospects for the expansion of our studio operations" stated Andrew McLaughlin, CEO of Rangemore. "We know there is huge growth projected for the Asia film industry and we want to be well positioned to take full advantage. By acquiring properties in Myanman, Saipan or both we will be able to participate in this phenomenal growth at a fraction of the cost of studio facilities in more traditional locations. We are very excited about the opportunities we have uncovered and are aggressively moving forward to develop each of these situations" continued Mr. McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions International Inc.)
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.
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