MIAMI BEACH, FL, May 31, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) would like to update shareholders on the ongoing process to move Rangemore's trading status on the OTC PINKS from 'Limited Information' to 'Current Information'.
As previously explained in the press release of May 24th, 2013, the filing document that was originally prepared had to be rewritten to accurately reflect a number of corporate developments that had occurred while the process was underway. Management felt that it was pointless filing outdated information as it did not accurately reflect the current position and direction of the Company. New documentation is currently being prepared and management will do everything in their power to have it filed with OTC Markets within the next ten business days. Management fully realizes the importance of this and is completely committed to seeing this process through in a timely fashion.
"We fully understand the importance of becoming a 'Current Information' filer with OTC Markets" stated Richard Smith, Secretary & Treasurer of Rangemore. "We are pushing forward as quickly as we can but as we previously explained, due to a number of corporate developments that recently occurred, the 'Information and Disclosure Statement' document had to be rewritten to reflect these positive developments. It is pointless filing outdated information as it would only have to be resubmitted at a later date and would cause nothing but confusion" continued Mr. Smith.
About Rangemore Film Productions Corp.
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 the independent film production 'Fabulust'. 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.