MIAMI BEACH, FL, June 6, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (formerly Auctions International Inc.)(OTCPINK:RANF) today announces that it has made available to the public its first quarter results. The March 31, 2013 financial statements are available for download on the Company's website at www.rangemorefilmproductions.com and will be posted to OTC Markets as part of the ongoing process to become a 'Current Information' filer.
The highlights of the report are:
- Current assets have grown from $1,493 in March 2012 to $363,653 in March 2013.
- Due to management liability has increased by $117,448 compared to 2012. This is due to management supporting the company and paying corporate expense personally.
- Due to stockholders liability has decreased $64,815 as a result of a debt settlement negotiated by previous management.
- Revenue for March 2013 is $93,959 compared to $0 generated during the same period last year.
- Operating loss for the first quarter in 2013 is $52,713 compared to $9,085 in previous year.
"The financial statements clearly demonstrate that there is a new and growing business" stated Andrew McLaughlin, CEO of Rangemore. "It is always difficult turning a company around with limited capital and a sub penny share price but I think management has done a commendable job given the inherited situation. We still have a lot of work to do but we are well on our way to making Rangemore a success and as each day goes by we get a little stronger." 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 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.